Finally having an established estate plan can be a big relief. It is so often something on a person’s to-do list that keeps being put off. When you have an estate plan in place, it can feel like a weight has been lifted from your shoulders. You know that your wishes have been memorialized in legally binding estate planning documents. You know how your family will be provided for after you pass. You know that people you trust will take care of you and honor your wishes should you become incapacitated. Estate planning is so important for so many reasons and it is also important to review your estate plan every few years.
Why Should You Review Your Estate Plan Every Few Years?
Your estate plan is very important. It touches on serious life and death issues. Your estate plan contains a document that effects your well being and that of your family. That is why it is not only important to make sure you have a reliable, comprehensive estate plan in place, but that you review your estate plan every few years to make sure it is up to date with your life circumstances, among other things. Sometimes, there may be nothing that needs to be changed, but it is always better to be safe rather than sorry.
Set aside time to review your estate plan every few years even if you think nothing noteworthy has changed in your life that would merit such a review or any edits to your plan. Sometimes we fail to make connections between life changes and how it may impact or estate plan. The death of a family member or the birth of a new family member can deeply affect your estate plan. Having a member of your family divorce, separate, marry, or remarry can also have a significant impact on your estate plan. You will want to take these types of life events into account in reviewing your estate plan so you can ensure that your children and grandchildren are protected and provided for. These types of changes in family structure may also affect things such as your choice in who you would want to take over as guardian for your minor children if you passed away.
Additionally, any changes in the value or nature of your assets would be important to take into consideration when reviewing your estate plan for any changes that need to be made. You may want to change who receives these assets. You may also need additional planning techniques employed to take into account a change in the tax liability of your estate.
There is also the health status of your family members to consider when reviewing your estate plan. Changes in the health and well being of your family may lead to you needing to change who you list as a fiduciary on things like health care surrogates or other power of attorney documents. Something like the deteriorating health of a family member may also merit reconsideration of who you choose as the guardian to assume responsibility of your minor children should you pass.
Changes in circumstances will often merit changing your estate plan. There are also times when changes in the law may lead you to make a change in your estate plan. Put simply, there are many reasons why reviewing your estate plan every few years is a good idea.
Continued Estate Planning Legal Support for You and Your Family.
At Verras Law, we know how important estate planning is to you and your family. We also know that things in life change and laws change. That is why we are here to support you throughout the estate planning process and this means after your estate plan has been finalized as well. For an estate plan you can count on, contact Verras Law today.