Estate Plan Reviews Should Be Performed Periodically
There are so many reasons you may have put off creating an estate plan, from the typically busy schedule that often keeps us from doing anything that is not of immediate priority to classic procrastination where we aren’t going to do anything until the issue is forced—to a reluctance to deal with our own mortality. When it comes to making your will, however, and putting together all the other valuable details of an estate plan, the best time to do will always be now. If you have loved ones you want to protect financially in the future and have assets to hand down to them, you must prepare your will and other important legal documents while you are of sound mind. You may also have pressing issues such as the birth of a child, a marriage, divorce, or other major life event that motivates you to act.
The estate plan is important to both you and your family for numerous reasons. Beginning with a will, you can establish the following with the help of a skilled estate planning attorney:
- An executor, whether that is a family member or another individual
- Beneficiaries, what they will receive, and when
- Donations to charity or other organizations
- Guardianships for minors
Other elements of the estate planning process may include adding a power of attorney (whether general or special), creating the advance directive for health care, as well as creating a revocable living trust or a special needs trust.
All these important documents can be updated and refined over the years, and it is recommended that you revisit them at least every five years. Many individuals have substantial changes that take place in such a period and although this could be just one more thing to put off, not paying attention to such review and examination could mean that you have outdated information listed upon your death. There may be beneficiaries you want to add or change (due to births, deaths, potentially concerning behavior that leads to further conditions in the will), or your assets may have grown or diminished. You may want to change your executor or successor trustees, and minor children may have grown up and no longer need guardianships. As time has passed, laws may have changed too.
Your estate planning attorney should be able to answer any questions about required or suggested updates to your will or entire estate plan. Scriber Law Group is a Metro Atlanta firm that can help you with a review of your current will as well as comprehensive planning for the future. We also assist in areas such as family conflict and estate theft. Call us at (404) 939-7562 or contact us online to set up a free and confidential consultations.