Is creating an estate plan a single action or a continuous process? Once you’ve created an estate plan, you must take the time to review it as often as necessary!
In addition to annual reviews, review your estate plan when major life events occur. Examples of these events can include divorce, marriage, or bringing a new child into your family.
How you conduct an estate plan review depends on your circumstances and what you’re hoping to accomplish. Answering these three questions will help guide you.
1. Why are you reviewing your estate plan?
Knowing why you’re reviewing your estate plan will help you decide on which direction to take. For example, if you’re going through a divorce, you probably want to ensure that your ex-spouse is no longer in line to receive your assets upon your passing.
2. Are you ready to take action if necessary?
It’s one thing to conduct an estate plan review but another thing entirely to take action on your findings. If any areas of your estate plan require attention — such as changing who you’ve named as the guardian of your children — you must take action. Knowing that you need to make a change isn’t the same as actually doing so.
3. Do you need professional assistance?
It’s okay to review your estate plan on your own, but if you need to take action you must consult with an attorney. Neglecting to do so increases the risk of making a decision that doesn’t align with your short and long-term goals.
If you need guidance while reviewing your estate plan, contact the Slaton Schauer Law Firm, PLLC online or via phone at (512) 258-9455 to schedule a consultation today!