Is Your Estate Plan Up-To-Date?
It’s important to periodically check up on the plans you’ve set in place. Take a moment to look over your various legal and financial documents to make sure you still agree with what’s in writing, and update as necessary.
Think about the recent changes in your life and how they might affect your estate planning. For example, if you have recently welcomed a new baby into your family, you might want to update your will sooner than later. Or, if a family member has special needs, consider a trust to provide for that person after you have passed.
If your estate planning attorney has a formal updating and maintenance program, be sure to participate in it. That way you’ll be assured that at least once a year or once every few years you pull your estate plan off of the shelf and take another look to make sure that it still does what you want it to do. Otherwise, as the years go by and the time comes for the provisions of your estate plan to actually be put into action, chances are the plan won’t work as expected because it will be out of date and therefore out of touch with your current family and financial situations.
One last note, be sure to tell someone about the plans you have in place and where your documents are located. Estate planning can often be a collaborative affair, and you’ll want to make sure your loved ones know where you store these very important legal documents.