E247 Solo Ager Annual Estate Plan Review

<p>As we know, Solo Ager estate plans are a bit trickier than other estate plans. We recommend that our clients take a look at their estate plan every 4 to 5 years. However, for Solos Agers, we suggest a light annual review.</p> <h2>1. Your Executor</h2> <p><img class="aligncenter size-medium wp-image-41478" src= "https://anthonyspark.com/wp-content/uploads/2022/01/Your-Executor-300x169.jpg" alt="Your Executor" width="300" height="169" /></p> <p>The first thing you should review is whether your executor is still alive. This is important for Solo Agers because they often have non-traditional executors. Solo Agers often hire a professional executor like me because they don’t have family members who they feel comfortable appointing. This professional executor is probably not someone they keep in touch with on a daily basis.</p> <p>Is your executor still living nearby? Perhaps if the executor has moved far away, it’s not practical to have them named in your will any longer.</p> <p>Are you still confident your executor will fulfill his or her duties to your liking? Perhaps the executor is someone who is developing close relationships with relatives that you are planning to disinherit. Maybe your executor is getting older and declining. Maybe your assets have become more technologically advanced, and your executor isn’t familiar with the types of accounts you have (<a href= "https://anthonyspark.com/estate-planning-for-bitcoin/">bitcoin</a>, for example).</p> <h2>2. Who inherits</h2> <p><img class="aligncenter size-medium wp-image-41479" src= "https://anthonyspark.com/wp-content/uploads/2022/01/Who-inherits-300x169.jpg" alt="Who inherits" width="300" height="169" /></p> <p>Again, you want to make sure that the beneficiaries of your will and/or trust are still alive. It sounds depressing to have to think about such things, but a 5-to-10-minute review of your documents could prevent a headache for your executor when you pass.</p> <p>Are your beneficiaries still worthy of inheriting your money? Sometimes family members sl