Your Fall Legal Affairs Checklist

With the fall season approaching, it is an excellent time to review your legal and financial affairs. A regular review can help ensure your planning still reflects your circumstances, wishes and responsibilities.

Use the checklist below to identify areas that may need attention and determine whether it is time to speak with your attorney, tax advisor or other professional advisors.

Key Legal Affairs to Review This Fall

• Review your power of attorney and confirm it still meets your needs.
• Check whether your will or trust reflects your current wishes.
• Make sure your business paperwork, filings and licences are up to date.
• Speak with your tax advisor about current tax planning and potential liability.
• Meet with your professional team to review your financial and legal affairs.

1. When Was Your Power of Attorney Last Updated?

A power of attorney is a valuable legal document, no matter what the circumstance. Not only is it flexible and can be prepared to meet your particular needs, but it can be made effective immediately or when you are unable to manage your own affairs.

It is vital to review your power of attorney periodically and replace it with a new one as necessary. This need may arise if you need to name a new person to help you or if you need to add or remove powers from the document.

Changes in your circumstances may also be a good reason to review whether your existing arrangements continue to reflect your wishes.

2. Does Your Will or Trust Still Match Your Wishes?

Once a will or trust is created, many people simply put it in a safe place and forget about it. There are several reasons to review and update these estate planning instruments and others, including marriage or divorce, the birth or adoption of a child, a recent windfall of cash or assets, the purchase or sale of a home, or a recent move to another state or country.

Your life changes, so your will or trust must change too to ensure that your needs and desires continue to be met.

A regular estate planning review can help identify whether your documents still reflect your family circumstances, assets and wishes.

3. Is Your Business Paperwork in Order?

Whether you own an LLC, corporation or another type of business entity, each year paperwork may need to be filed with the secretary of state and potentially other government agencies.

Make sure all of your documents have been updated, fees have been paid and licences have been renewed. If they are not yet due, make sure to calendar these deadlines so you do not miss them.

Taking time to review your business paperwork can help you identify upcoming compliance requirements before they become difficult to manage.

4. Have You Met With Your Tax Advisor Recently?

End-of-year planning is important when it comes to your taxes and potential liability. Tax laws, regulations and guidance can change, so it is important to consider how current rules may affect your circumstances rather than relying on previous tax planning.

The Tax Cuts and Jobs Act guidance from the IRS provides information about federal tax legislation and subsequent guidance. Your tax advisor can help you understand the rules that apply to your particular circumstances and identify any planning opportunities or potential liabilities.

Learn about your options under the law ahead of time so you are not hit with a not-so-nice surprise come tax season.

5. Have You Met With the Rest of Your Professional Team?

Whether the market is a bear or bull, it is important to meet with your financial advisor to go over your investment results annually and put together an investment strategy for the upcoming year.

It is equally important to review your legal affairs when circumstances change. For legal questions, it is important to meet with your attorney before a legal situation becomes difficult to manage.

Your attorney, financial advisor and tax advisor may each have a different role, but reviewing your affairs as a whole can help you identify issues that may otherwise be overlooked.

When Should You Review Your Legal Affairs?

A regular review can be particularly useful after a significant life or financial change. Consider reviewing your legal affairs if you have:

• married or divorced;
• had a child or adopted a child;
• bought or sold a home;
• acquired significant assets;
• experienced a significant change in your finances;
• started, sold or changed a business;
• moved to another state or country; or
• changed your wishes about who should manage your affairs or receive your assets.

These are just some of the items you should focus on when considering your personal matters and ensuring your legal affairs are up to date.

Do Not Delay

There are several reasons to review and update your legal matters, including your estate plan. Before you make any decisions, be sure to contact us and the rest of your professional team.

Understanding how your wishes are affected by applicable law will help you make a more informed decision and protect you and your loved ones.

How We Can Help

Reviewing your legal affairs can help you identify documents that may need to be updated and address changes in your personal, family, financial or business circumstances.

If you have questions about your estate planning documents, power of attorney, business paperwork or another legal matter, contact us to discuss your circumstances and determine what steps may be appropriate.

Frequently Asked Questions

How often should I review my legal affairs?

It is sensible to review your legal affairs periodically and whenever there is a significant change in your circumstances. Changes such as marriage, divorce, the birth or adoption of a child, significant changes in assets or a move to another state or country may mean your existing documents no longer reflect your wishes.

When should I update my power of attorney?

You should review your power of attorney periodically and consider whether it still reflects your needs. You may need to update it if you want to appoint a different person, add or remove powers, or if your circumstances have otherwise changed.

When should I review my will or trust?

You should consider reviewing your will or trust after significant changes to your family, finances, assets or living circumstances. Marriage, divorce, the birth or adoption of a child, a significant change in assets, buying or selling a home, or moving to another state or country may all justify a review.

Should I review my business documents every year?

Business owners should keep track of applicable filing requirements, fees, licences and other compliance obligations. Reviewing your business paperwork regularly can help you identify upcoming deadlines and determine whether your documents still reflect the business.

Should I speak with an attorney when reviewing my legal affairs?

If you are unsure whether your legal documents still reflect your circumstances or wishes, speaking with an attorney can help you understand the applicable law and identify whether changes may be appropriate.