Estate planning isn't just for the wealthy. It's about ensuring your wishes are honoured, protecting the people you love, and creating a legacy that reflects your values.
Whether you're just beginning your estate planning journey or reviewing documents you created years ago, taking time to revisit your plan can provide peace of mind for you and your family.
Here are some of the most common estate planning considerations — and simple steps you can take today.
1. Plan for More Than Your Will
Many people think estate planning begins and ends with a will. In reality, a comprehensive estate plan often includes documents that protect you during your lifetime as well.
Depending on your situation, your attorney may recommend documents such as:
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Durable Power of Attorney
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Health Care Proxy or Medical Power of Attorney
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Advance Directive or Living Will
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HIPAA Authorization
These documents help ensure someone you trust can make financial or medical decisions if you become unable to do so yourself.
2. Review Your Beneficiary Designations
One of the most common — and most easily overlooked — estate planning mistakes is forgetting to update beneficiary designations.
Retirement accounts, life insurance policies, and many financial accounts pass directly to the beneficiaries listed on those accounts, regardless of what your will says.
Consider reviewing your beneficiaries after major life events such as:
3. Make Sure Your Assets Are Titled Correctly
The way property is owned can significantly affect how it transfers after your death.
Homes, bank accounts, investment accounts, and other assets should all work together with your estate plan, not against it.
Your attorney can help ensure your ownership and beneficiary designations align with your wishes.
4. Keep Your Estate Plan Current
Life changes. Families grow. Laws change.
An estate plan that was appropriate ten years ago may no longer reflect your wishes today.
Many professionals recommend reviewing your estate plan every three to five years — or whenever a major life event, such as a divorce, birth or adoption, or out-of-state move, occurs.
5. Communicate With Your Loved Ones
One of the greatest gifts you can leave your family is clarity.
Make sure you’ve designated the right people to serve as:
Let them know they have been chosen and ensure that they understand your wishes. Also, let someone you trust know where your important documents are kept.
Considering a Charitable Legacy?
Many people discover that estate planning is also an opportunity to reflect on the causes that have shaped their lives.
A charitable gift through your will, trust, retirement account, or other estate planning vehicle allows you to continue supporting the organizations you care about while still providing for your loved ones.
For supporters of Polar Bears International, these future gifts help ensure that polar bears and the Arctic continue to have champions for generations to come.
If you've already included Polar Bears International in your estate plans, we'd love the opportunity to thank you and welcome you to our Arctic Circle Legacy Society. Please let us know by clicking here.
Ready to Take the Next Step?
Creating or updating your will doesn't have to be complicated.
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If you live in the U.S.A and are ready to begin your estate planning journey, Polar Bears International offers Giving Docs, a complimentary online estate planning tool that allows you to create a legally valid will in as little as 20 minutes. Whether or not you choose to include Polar Bears International in your plans, Giving Docs is available as a free resource to help you protect the people and causes you care about.
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If you live in the United Kingdom, Polar Bears International has partnered with The Chapel & York U.K. Foundation to accept donations from U.K. residents. You can name The Chapel & York U.K. Foundation as the recipient of legacies and bequests on behalf of Polar Bears International. To discuss specific arrangements, please email Polar Bears International’s major gifts officer, Amy Lester, alester@pbears.org.
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If you live in Canada or outside the U.S.A. or the U.K., please email Polar Bears International’s major gifts officer, Amy Lester, at alester@pbears.org.
Disclaimer: The information provided in this article is for educational purposes only and is not intended as legal, tax, or financial advice. Because every individual's circumstances are unique, we encourage you to consult with your attorney, tax advisor, or financial professional before making decisions about your estate plan or charitable giving.
Watch our Estate Planning webinar, below.