by KYW's Salil Gutt

A new year is always a good time to tune up your estate plan. Even if your wills are in order it is important to check on a few things to ensure some items have not fallen through the cracks.

Here are some items that one would not ordinarily consider.

First. Keep beneficiary designations current. Make sure your assets will go to all the right people. The will does not necessarily do this. All investment firms have forms to be filled out and it is these forms, not your will, that determine who gets the money.

Next. Don't overlook state laws on inheritance taxes.  Almost half the states have revised their estate tax rates that could go as high as 16%.  One strategy for eliminating this tax burden, move to a state that does not have such a tax especially if you are a contemplating a retirement decision.

Finally, update your health care directives especially if you name an agent other than your spouse. The new HIPAA health care rule mandates specific language be in documents to permit your agent to get your medical records at all.