If you’re a beginner when it comes to estate planning, it’s important to know that reviewing your estate plan is just as important as creating it. Here are five steps on how to conduct an estate plan review:
Step 1: Gather all relevant documents. This includes your will, trust documents, powers of attorney, and any other estate planning documents you may have. You should also gather information about your assets, including bank account statements, retirement account statements, and deeds to any real estate.
Step 2: Review your documents for accuracy. Take a close look at all of your estate planning documents and make sure that the information is still accurate. If anything needs to be updated, make note of it.
Step 3: Consider any changes in your life circumstances. Have you recently gotten married or divorced? Have you had children or grandchildren? Have you experienced a change in your financial situation? Any changes in your life circumstances may warrant updates to your estate plan.
Step 4: Review your beneficiaries. It’s important to make sure that your beneficiary designations are up to date. This includes any life insurance policies, retirement accounts, and other assets that allow for beneficiary designations.
Step 5: Consult with an estate planning attorney. If you’re unsure about any aspect of your estate plan, or if you need to make updates, it’s important to consult with an experienced estate planning attorney. They can help you navigate the process and ensure that your estate plan is in order.
In summary, conducting an estate plan review is an important step to ensuring that your assets are protected and distributed according to your wishes. By gathering all relevant documents, reviewing for accuracy, considering changes in life circumstances, reviewing beneficiaries, and consulting with an estate planning attorney, you can provide peace of mind for yourself and your loved ones.
Are you ready to conduct an estate plan review? Contact us online or via phone at (817) 899-3286.