You created an estate plan to protect yourself and your family from the unnecessary costs associated with Probate, Taxes and/or Long-Term Care Costs. Now what?
It is recommended that you review your estate plan either annually or bi-annually to keep it up to date, but you may also want to review your estate plan if you have a “life-changing” event. What’s a life-changing event? The obvious events, like getting married, divorced or losing a spouse. Other not so obvious events like having children or grandchildren might qualify. In addition, relocating to another state or receiving an inheritance may necessitate a chat with your estate planning attorney.
In reviewing your documents, consider who you have named as your agents and your distribution of assets. Also consider if your assets are properly funded to your trust. Do your agents still make sense? Have you had any issues with your children? Do you still want everything to go equally to your kids? Did you title the new home in your trust or have it transfer on death to your trust? Have you worked with the bank to make sure your accounts are titled in the name of your trust? Are the beneficiaries correct on your retirement plans and life insurance?
If you aren’t confident in answering these questions, it’s time for a review. Give us a call at AlerStallings.