A 2024 Caring.com study shows that 40% of Americans don’t think they have enough assets to create a will. The number of people who have a will has declined by 6% since 2023, which is the first decrease in estate planning rates since 2020.

Regularly reviewing your beneficiary designations to ensure they align with your current wishes and circumstances can prevent complications and disputes down the line and ensure that your assets are distributed as intended.

When You Are Gone, Who Will Handle Your Affairs?

Create a Will

Creating a will is a critical step in planning for the future. It ensures that your assets are distributed according to your wishes and can help minimize family conflicts and legal issues. Without a will, the distribution of your assets will be determined by state law, which may not align with your wishes. It’s essential to take the time to create a will and update it regularly as your circumstances change. This can provide peace of mind for you and your loved ones, knowing that your affairs are in order and your wishes will be respected.

Estate Planning Checklist

• Create a will
• Create a Durable Power of Attorney
• Review Estate Planning Documents Regularly
• Discuss Estate Planning with Your Financial Advisor
• Update Your Beneficiaries

Create a Durable Power of Attorney for Financial and Health

In the event that you become incapacitated, a durable power of attorney can ensure that your medical and financial decisions are placed in the hands of a trusted individual. Without a durable power of attorney, your loved ones may be left struggling to make decisions without clear guidance, leading to unnecessary stress and conflict. A durable power of attorney is effective whenever you sign it but lasts until you pass away or cancel it. Take the time to create a durable power of attorney and have peace of mind knowing that your affairs will be managed with care and respect.

Review your estate planning documents

It is important to review your estate planning documents periodically to ensure that they reflect your current wishes and circumstances. Here are some events that may prompt a review of your estate plan:

• Changes in your family or personal situation, such as marriage or divorce, the birth of a child or grandchild, or the death of a loved one.
• Changes in your financial situation, such as an increase or decrease in assets, the purchase or sale of property, move to another state, or the receipt of a large inheritance.
• Changes in the law that affect estate planning, such as new tax laws or changes to regulations governing wills and trusts.
• Changes to your health or the health of a loved one that may impact your estate plan.

By reviewing your estate planning documents regularly and making updates as needed, you can ensure that your loved ones are provided for in the event of your incapacity or death.

Learn more about estate planning on Fidelity NetBenefits® > Plan and Learn > Get answers to your financial questions. Discuss estate planning concepts in more detail with a Fidelity Retirement Planner via PBUCC Members Services at 1.800.642.6543 from 8:30 a.m. to 9:00 p.m. ET.

Finally, be sure to update your beneficiaries on Fidelity NetBenefits®. Go to Profile and click Beneficiaries.

Travis Marks, CFP®, CFA®, is the Director of Generations University for the Pension Boards, responsible for the education initiatives for Pension Boards members, employers, and internal staff. Prior to joining the Pension Boards, Travis worked as Senior Manager of the National Financial Education Practice (FEP) for PricewaterhouseCoopers. He has more than 16 years of financial planning, education, and management experience, and has a passion for helping people improve their finances.