Reviewing your estate plans

Thinking about what’s going to happen to your wealth when you’re no longer here to enjoy it is hard. Perhaps you’ve been putting it off. But now it’s time to take another look. Our comprehensive estate plan review process can be an invaluable tool. Our goal is simple: to help make sure the people and organizations you want to receive your wealth get it the way you choose—and in the most tax-efficient manner.

An easy-to-follow road map 

A good estate plan is one that clarifies your wishes and balances them against the practical requirements that need to be met. It also makes the objectives and process clear to your beneficiaries and the professionals you’ve selected to help put the plan into action.

When we help you review your estate plan, we make sure your will, power of attorney, health care proxy and other core documents are up to date and in order. But we do more than just check the boxes. We help you address some important, bigger-picture questions. 

It’s not just about what happens after you die:

  • How does your estate plan fit into you current goals?
  • Will your plan have an impact on your current lifestyle or financial flexibility? 
  • Would transferring some of your wealth now be more efficient and less costly than waiting? 
  • How does giving now fit into your beneficiaries’ plans?

It takes a coordinated team:

  • Do you have the right combination of attorneys, tax advisors and financial advisors? How will they coordinate, and who will be the quarterback?
  • Does your executor have the time and expertise to do the job right? What can you do to make it easier? 
  • Should you consider a professional executor or co-executor?

It can be more complicated than you think:

  • Are you taking advantage of all the benefits a trust can offer? 
  • Can your charitable giving be more strategic and better structured?
  • Is your plan flexible enough to accommodate potential changes in the law and tax regulations? 
  • Have you figured in the potential effect of significant life events or financial setbacks for you and your beneficiaries? 

Wherever you are in your estate planning process, we’d like to help you answer these questions and more. To find out how we help individuals and families like you create and implement better estate plans, talk to your personal banker, or contact a J.P. Morgan Private Bank Wealth Advisor near you.

Understanding the building blocks of estate planning is essential to building a smart and flexible plan

Essential elements include account titling, beneficiary designations, will (or revocable trust), living will, healthcare proxy and HIPAA form, power of attorney, and retirement account contributions. Important gift considerations include medical and educational exclusion gifts, annual exclusion gifts, gifts up to lifetime exclusion, gifts of future appreciation and taxable gifts.
  • Creating your wealth transfer strategy
    Having a smart charitable giving plan can make a difference in your financial life. Now and for future generations. We provide advice and guidance that balance your good intentions with the benefits of different tax and wealth preservation strategies.