You have taken the time to thoughtfully plan out your estate. While you may be satisfied with what you and your estate attorneys have achieved, it’s important to keep in mind that you should keep current with your estate plan. You may decide that you want to make changes to the original plan, insurance policies have changed or that there are documents that no longer comply with current laws.
To make sure your estate plan is up-to-date and that you are truly satisfied with it, here’s a look at some important factors that you should consider going over on a routine basis with your long island elder law attorney.
Go Over Documentation
Make sure that all of the documents contained in your estate plan are complete. They must be signed by the appropriate people and in the appropriate places. You also want to make sure that they comply with current laws. Remember that laws regarding estate plans do change, so it’s important to ensure that your documents comply with any changes that occurred.
Review the Beneficiaries
Perhaps a loved one has passed away or you have gone through a divorce, in this case call a divorce lawyer queens. Or, maybe there has been a new addition to your family. If you have experienced a major life event that has impacted the beneficiaries you initially listed in your estate plan, you want to make sure that you assess your estate plan and make any necessary changes regarding the beneficiaries. If someone has passed away, for example, you should remove that person as a beneficiary, or if you have welcomed a grandchild, you may want to list him or her as one.
Assess Your Insurance Policies
Thoroughly assess all insurance policies that you have listed in your estate plan. You may find that you want to make some changes to them, or that changes to those policies have occurred that you aren’t aware of. For example, you may decide that you want to increase your policies, or you may find that your benefits have changed as a result of your age. Whatever the circumstances may be, it is wise to review your insurance policies regularly to ensure that they provide the benefits that are important to you, that they are current and that they are effective.
Perhaps you have had a child since you created your estate plan, you want to make sure that all children that you wish to have included in your estate plan included. You also want to name an adult to take care of anyone who is under the age of 18 and will not be able to care for him- or herself in the event that you cannot, and make sure that your estate plan reflects the person you named.
Discuss with Family
In order to avoid any issues from occurring when your estate plan goes into effect, it is important to communicate the vital details regarding your goals for your plan. You don’t have to discuss every detail; however, you should help your loved ones understand your specific goals. Doing so will avoid potential issues from arising down the road.
If you need assistance reviewing and updating your estate plan, please contact an estate attorney today. We would be honored to review your plan and ensure that it is in proper order.