Creating an estate plan is important, but please keep this in mind: as the value of your possessions grows and changes, your estate plan will slowly evolve over time. These natural changes mean that regular review of your estate plan is critical to ensure that it always matches your wants and needs.
Here are three questions to answer during an estate plan review:
Are there any glaring issues that require your immediate attention?
Start by pinpointing the obvious areas of concern. These are the things that really stick out! Have you had any children since you created an estate plan? Has a partner passed away? Have you added any major assets? It’s possible that you won’t find anything that requires immediate attention, but these types of changes can necessitate swift action. List these issues out and start formulating a plan to address them.
Have your family and/or financial circumstances changed since your last review?
Think about the last time you reviewed your estate plan. Now, consider any gradual changes since then. Have you started a business? Have you retired? What has changed in your life over time?
Once you know what’s changed you can then conduct a more targeted review.
Do you need the assistance of an estate planning attorney?
Writing out these changes is the first step. Knowing what to do about them can be a bit trickier. This is where the services of an estate planning attorney can really shine. It’s best to have the assistance of a professional to prevent mistakes. You could make changes that a court will invalidate for legal reasons, which could cause a major headache for your family and friends once you pass away or are incapacitated.
If you need help answering these questions and making changes to your estate plan, contact us here or give us a call at (512) 258-9455. One of our estate planning attorneys can schedule a consultation during which you can review your estate plan and decide if now’s the time to adjust it.
