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Items to Review in an Estate Plan Checkup

Think about how much your life has changed over the past few years. Now, consider how long it’s been since you looked over your estate plan. Estate planning is an essential preparative measure as you grow older. However, it’s not complete after the first draft. As your life changes, so too should your estate plan. Below are some aspects of your plans to revisit and update as you see fit.

Update Your Documents

Over the years, you may have married or divorced. Perhaps you suffered a death of a loved one or were blessed with a new child. The entrances and departures of people in your life may have affected your estate plan.

The people in your life are central to your estate plan. You should take this time to review the places they’re involved and consider if they should be replaced or have an additional person named. Some questions to ask yourself include:

  • Who is your power of attorney? Are they still significant in your life and do they maintain your best interests?
  • Who is named as the beneficiaries in your trusts? Are they still around? Should anyone else be included?
  • Who is your trustee to oversee administration of your trust? Are they still willing and able to fill the role?

You should reevaluate every portion where a person is named and consider if you need to make any changes based on who you want involved in your estate plan and how.

Check Your Life Insurance

Life insurance policies are often forgotten in the review process. However, because of the wealth they carry, it’s crucial to keep them up to date.

Consider your coverage in general. Has your insurance plan changed? If it has, have you named beneficiaries on that account? This is again a place to review the people in your life and their involvement in your estate plan. Now is the time to adjust as necessary. Life insurance can help pass on tax-free money to your heirs, so it’s an aspect you don’t want to ignore.

Check Your Assets

Consider your recent large purchases. Maybe you’ve purchased new real estate or other valuable property. Any new additions need to be incorporated into an estate plan to make for an easy transfer to the beneficiaries you wish to gift it to upon your death.

Whatever the solution, make sure it is what’s best for you at this point in time, and continue to reflect on it every so often.

Attorneys to Keep Your Estate Plan in Check

We are available when you need to make an estate plan and we will continue to be here as you need to revise it. Life changes. So too should your plans for it moving forward.

To make or revise an estate plan, contact us online or call one of our attorneys today: (262) 214-6827.

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