Naperville Estate Planning Lawyer Reminds You to Review Your Plan Periodically

estate plan, review, Naperville estate planning attorneyLike most important considerations in life, your estate plan is not simply an entry on a “things to do” checklist that you complete once and then forget about. Estate planning is about providing your family and loved ones with the security they deserve and the freedom from having to guess what you would have wanted for your assets and property. If you have worked with an estate planning attorney to create a comprehensive plan for your future, you have taken a great first step. The process, however, is far from over, as it is necessary to review your estate plan periodically to ensure that it continues to accurately address your needs.

Re-Evaluate Your Assets

If you are still working, you are probably continuing to accumulate wealth and property. If you have retired, you will need to know for certain if you are gaining assets or if your savings are being diminished. Depending on your circumstances, you may even be experiencing an increase in debts and obligations. Over time, the cumulative effect of these situations can have a dramatic impact on your overall financial well-being, which, in-turn, can impact your plans for allocating your assets upon your death.

Consider Your Relationships

Have you given provisional authority for decision-making on your behalf to someone using a trust, power of attorney or other planning tool? While doing so can certainly be helpful if you become incapacitated, the review of your estate plan should include a second—or third—look at the individuals to whom you have granted such powers. For example, if you live a great distance from family members, and your powers of attorneys are non-relatives, examine the current health of those relationships. If you are no longer close to your chosen agents, you may want to consider revoking their authority and granting it to more appropriate parties.

Review Your Beneficiaries

Relationships within your family can change dramatically over time, as well. Depending on the nature of the changes, of course, your willingness to include certain heirs in your will and other documents may be affected. While you may not ultimately decide to make any changes, it is important to have the conversation with your attorney to determine if amending your beneficiaries is necessary. If you do decide to make adjustments, consider communicating them to the impacted parties. This can help prevent contentious disputes among family members when your estate plan is executed after your death.

For more information about reviewing an existing estate plan or for help with creating an entirely new one, contact an experienced Naperville estate planning attorney. For more than 30 years, Attorney Denice Gierach has been helping clients provide for the security of their families and prepare for the unexpected. Call 630-756-1160 to schedule your initial consultation today.

 

Sources:

Home Town Life

The New York Times