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How can you keep estate plans current?

On Behalf of | Apr 30, 2024 | Estate Planning

Planning for the future is important, especially when it comes to your estate. Estate planning involves making decisions about who will inherit your assets and how people will distribute them after you die.

However, creating an estate plan is not a one-time task. You should update your plan to ensure it reflects your current wishes.

Reviewing it regularly

To keep your estate plans current, regularly review all relevant documents. This includes your will, trust documents, beneficiary designations and any powers of attorney.

Life events such as marriage, births, deaths and changes in financial status can all impact your estate plan. By reviewing your documents regularly, you can ensure that they accurately reflect your current situation.

Updating beneficiary designations

Many assets, such as retirement accounts, life insurance policies and bank accounts, allow you to pick beneficiaries. It is important to review and update them as needed. Failing to update beneficiary designations can result in problems, such as assets going to unintended heirs.

Accounting for differences in family dynamics

Family dynamics can change over time due to various factors such as death or estrangement. These changes can have big implications for your estate plan.

For example, you may need to update your will to include new children or grandchildren or to remove beneficiaries who are no longer part of your life. By staying aware of changes in your family dynamics, you can ensure that your estate plan continues to reflect your wishes.

Adjusting for changes in financial circumstances

Financial circumstances can also change over time due to factors such as job loss, inheritance or changes in the value of your assets. It is important to regularly review your estate plan to ensure that it aligns with your current financial situation. This may involve adjusting strategies for reducing taxes or maximizing asset protection.

Knowing that your estate plans are comprehensive and up-to-date may give you peace of mind. Even during the stress of mourning, your loved ones can rely on these documents after your death.