Updated: Jun 13
Once you have created your Estate Plan, make sure it stays current by reviewing it annually!
Many people annually review their Estate Plans, often at the same time when they review their overall financial plan. It is also recommended that you review your estate plan when there is a significant “life event” that will impact your plan.
Developing a yearly habit will benefit you in the long run. Taxes and laws are constantly changing! These changes can have an impact on your estate plan and how you have planned your legacy. Plus family dynamics often change, which you may need to take into account.
What to Review
An annual review of an estate plan will include many important documents and items. This includes your Will and Trusts to make sure all your current property and assets are included. It is also important to make sure your Durable Financial Power of Attorney and your Medical Healthcare Power of Attorney meet your needs. Additionally, your Living Will and Healthcare Directives need to take into account all your wishes and desires.
The people around you are important, so an annual review of who is your Executor, Trustees, Agents, Guardians, and Alternatives should be done to see if they are the right fit. And lastly, but more importantly, reviewing who are your Beneficiaries and what is your Estate Distribution Strategy will give you the peace of mind that your legacy is placed first and foremost.
Once you have created the yearly habit of reviewing your estate plan, the process will become easier. Whether you have a complex or simple estate plan, your wants and desires should be kept current. With this good habit, you will worry less, knowing that you are taking care of your future and legacy for the well-being of your family and beneficiaries.
Estate Planning is all about protecting your assets for your loved ones and beneficiaries. A smartly produced Estate Plan will also spare heirs a huge tax bite and eliminate family inheritance messes. MVP Law Group, A PC specializes in Estate Planning and Wills & Trusts. If you would like to learn more, then contact us at (818) 788-7881 or email@example.com