Why Reviewing Your Estate Plan Is Important

Life is full of unexpected changes, and many of these changes can significantly impact your estate plan. Marriage, divorce, births, deaths, job changes, new home purchases, and changes in assets can all have a profound effect on your estate plan. Therefore, it's crucial to regularly review and update your estate planning documents to make sure that they reflect your current wishes and that there is no confusion when you pass away.

Beneficiary Designations

It is important to regularly review and update your financial accounts’ beneficiary designations. Most accounts, such as life insurance policies, bank accounts, and retirement accounts will allow you to designate a beneficiary. A beneficiary designation specifies who will receive your assets when you pass away. If you have not recently updated any of your accounts, it's essential to review them and the beneficiary designation to ensure they reflect your current wishes and to avoid confusion for your loved ones later on.

Temporary Guardianship

Another critical document that should be reviewed and updated regularly is the temporary guardianship form. In many states, a parent or legal guardian can appoint a temporary guardian for a minor child in a separate document, other than the will. This document allows the appointed temporary guardian to make decisions on behalf of the minor without court involvement for a designated period. It's crucial to review and update this document to reflect any changes you wish to make.

Regular Estate Plan Reviews

It's always a good idea to regularly update your estate planning documents to ensure they reflect any changes that have occurred in your life or the law. We recommend reviewing your plan at least once every three (3) years. In some cases, it can be beneficial to schedule a meeting with an estate planning attorney to review the documents together and ensure they reflect your current wishes.

Don't Delay Your Estate Plan Review

Without regular updates, your estate plan may no longer reflect your wishes, causing confusion and potential legal challenges for your loved ones if you become incapacitated or after you're gone. So, don't delay reviewing and updating your estate plan. By doing so, you can ensure that your assets are distributed according to your wishes and that your loved ones are taken care of when you're no longer around.

Schedule a meeting with us

We are here to offer peace of mind to you and your family while you are alive and to your loved ones after you have passed. If you do not currently have an estate plan, we are here to guide you and help craft a plan that will protect and serve you and your loved ones best.

About the Author

Leslie Sultan Esq.

Leslie has been practicing law since 2009 and is the host of the estate planning podcast 'Legacy Purse'. She has a long history of representing family members struggling to inherit property and/or wealth from deceased family members through the Probate Courts. Knowing how time-consuming and expensive the probate process is, Leslie takes great pride in helping her clients learn how to plan and protect their families during their lives so they can avoid the probate court process and save their loved ones that additional grief (and expense).