Take a Moment to Protect What Matters Most:
As we pass the halfway point of 2025, it’s the perfect time to review your estate plan to ensure it still reflects your goals, life changes, and financial situation. Estate planning is not a “set it and forget it” process, so regular check-ins can help prevent unintended consequences and continue to keep your legacy on track.
Here’s a quick mid-year checklist to guide your review:
✅ 1. Review Your Will and/or Revocable Trust
- Are all your beneficiaries still correct?
- Have there been any marriages, divorces, births, or deaths in your family?
- Do the people named as your executor or trustee still make sense?
- Has your financial situation changed in a meaningful way?
✅ 2. Check Powers of Attorney
- Is your durable financial power of attorney up to date?
- Have you updated your Oregon Advance Directive since September 2021 (when the Oregon legislature approved the most recent form)?
- Do the people you’ve chosen know you’ve named them as your agent or representative — and are they still willing and able to serve?
✅ 3. Update Beneficiary Designations
- Review retirement accounts (IRAs, 401(k)s), life insurance policies, and transfer-on-death (“TOD”) or pay-on-death (“POD”) accounts.
- Make sure your beneficiary designations align with your estate plan — these can override your will or trust!
✅ 4. Trust Funding Check
- If you have a revocable living trust, confirm that assets (bank accounts, real estate, business interests, etc.) are properly titled in the name of the trust. Read More >>
- Add any new major assets you’ve acquired since your last review.
✅ 5. Evaluate Gifting Strategies
- Consider lifetime giving to reduce your taxable estate in Oregon (While the Federal gift tax exemption is $19,000 per recipient for 2025, Oregon has no gift tax equivalent).
- Explore charitable giving options if that is part of your financial or tax planning goals.
✅ 6. Review Life Insurance Coverage
- Ensure your life insurance coverage is adequate for your current needs.
- Consider an Irrevocable Life Insurance Trust if your death benefit exceeds $1 million.
- Confirm policies are owned by the correct party and that premiums are being paid.
✅ 7. Update Your Homeowners Insurance
- Confirm whether your homeowners insurance policy requires naming your Revocable “Living” Trust as an additional insured on your policy (if this is the case, it is also generally required for your name to remain individually on the policy).
- Contact your homeowners insurance agent to make sure you are protected.
✅ 8. Inventory Your Digital Assets
- List key digital accounts (email, banking, social media, cloud storage).
- Note login credentials (keep in a secure location) or ensure you’re using a secure password manager that can be accessed by a trusted person.
- Consider a digital assets clause in your estate plan, if not already included.
✅ 9. Communicate With Loved Ones
- Share the location of your estate planning documents.
- Let trusted individuals know whom to contact if something happens to you.
- Schedule a family conversation, especially if decisions might surprise or confuse your heirs later.
✅ 10. Talk to Your Estate Planning Attorney
- If anything has changed in your life, finances, or goals, schedule a check-in with a Catalyst attorney.
- Laws and tax rules change—make sure your plan still works for you under current regulations.
Your legacy deserves attention.
A short mid-year review can save your family time, stress, and money down the line. If you’re unsure where to start — or realize your plan needs a refresh — we’re here to help.