Everybody knows or should know that they need an estate plan. But all too often, people get their documents done and never look at them again. Those who do review their plans often don’t know what they are looking for. So here are some questions to ask every few years to ensure your estate plan is up to date:
1) Do you have an estate plan and know where all the documents are?
It may seem obvious, but your estate plan is not up to date if you don’t have any documents or if you don’t know where they are. Having had documents prepared doesn’t help you or your loved ones if you don’t keep up with them.
2) Are the people named in your documents still available to serve?
Many people name friends or family to serve as executors, trustees, guardians, and powers of attorneys. But friends may grow apart and sometimes family members die. It is a good idea to make sure the people you have named for these important positions are still the people you want to serve.
3) Has your life situation changed?
Has a major life change happened, such as:
– a marriage, a divorce, or a remarriage;
– a birth, adoption, or death;
– a move to a new state;
– the size of your estate has increased or decreased significantly;
– you need to reallocate the beneficiary shares of your estate; or
– another material change in your life has occurred?
Estate plans are not one size fits all. If your life has changed, you should contact an attorney to see if your estate plan should change as well.
At the Hardesty Law Office, we keep our clients informed of changes int eh law and assist them with making sure their estate plans reflect the changes in their lives. To see if your estate plan is right for your current life situation, contact us to set up an estate planning consultation and learn more about how we can help you.