Ensure Your Estate Plan's Success
Regularly reviewing estate planning documents is essential to maintaining their effectiveness and preventing costly complications. Even the most well-crafted estate plan can become outdated as circumstances change.
Review Frequency
We recommend conducting a comprehensive review every four years, or whenever significant life changes occur such as births, deaths, marriages, divorces, or relocations.
Critical Documents to Review
Last Will and Testament
Verify that executors, guardians for minor children, and trust provisions remain current and appropriate.
Power of Attorney
Ensure the designated representative is still willing and capable of managing financial and legal affairs.
Health Care Power of Attorney
Confirm medical decision-making authority is properly documented. Marriage doesn’t automatically grant these rights.
Trusts
Review trustee appointments and assess potential estate and inheritance tax implications.
Charitable Giving Plans
Stay informed about legal changes that could affect giving strategies.
Important Triggers for Review
Relocating to a new state necessitates reassessment, since estate laws vary by jurisdiction. Additionally, recent legislative changes like the SECURE Act have significantly altered how inherited retirement accounts function, potentially requiring plan modifications.
Key Takeaway
Regular reviews and updates can save future complications and ensure your assets, family, and legacy remain secure. Despite being an unpleasant topic, estate planning attention delivers substantial peace of mind.
If you or a loved one needs assistance with estate planning, do not hesitate to contact The Stegall Law Firm to book a consultation. We are here to help.
