Once you set up your estate plan you can put it aside, pat yourself on the back and congratulate yourself for accomplishing an important step in securing your financial future and the future of your loved ones. However, every once in a while you will want to pull out your estate planning documents and review them. My rule of thumb is to review your plan with your attorney every five years. Some documents, like a power of attorney, should be re-executed to show your intent has not changed.
There are also life changing events that will require a review of your estate plan – such as divorce, the birth of a child, the death of a loved one, moving to another state, marriage, a change in assets and/or a change in your health. Changes in the law may also affect your estate plan.
Regularly reviewing and updating your estate planning documents will provide your loved ones with a clear, up-to-date plan to carry out when you are unable to act for yourself. And isn’t that why you prepared the plan in the first place?
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