Once you decide to handle your estate affairs, you’re not in the clear forever. You will need to have regular reviews so that you can determine if updates need to be made to your estate planning documents. Many people forget or ignore this need, and then find that their current plan doesn’t fall in line with their current wishes. Take a look at the following information, to learn more. If you have any questions, or if you’d like to review your estate plan, contact an estate planning attorney.
Many people create a plan and then put it away and forget about it. This is a common mistake. Estate planning attorneys recommend that you review your planning every 3 to 5 years, so that you can make needed updates. It’s important that your plan always reflects your current needs and goals.
How would you feel if you were to die today and your assets were given to the wrong people? What if you haven’t created a will, and the court has to appoint a guardian for your minor children? What if you haven’t created an incapacity plan, and you’re family is legally unable to assist you by making financial and medical decisions on your behalf? These are important things to consider.
With the help of an attorney, you can get a professional estate planning review. He or she will be able to walk you through your planning to determine if updates need to be made. This includes reviewing your goals, as well as determining whether life and law changes require updates. Don’t ignore the need for a planning review; instead be prepared.
If you have any questions, or if you’re ready to review or update your estate planning documents, consult with a qualified estate planning attorney.
- Preparing for Unexpected Incapacity - April 30, 2021
- Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries - April 24, 2021
- “Last Will and Testament” Origin - April 22, 2021
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