Routine Estate Planning Check-Ups Should Happen Regardless of The Political Climate

People are always looking for good reasons to put off the process of estate planning, but one of these shouldn’t be the current political climate and the fact that it seems to alter and change relatively quickly. While it’s certainly true that you need to be informed about estate planning and tax planning issues, largely because of the fact that the political climate is constantly updating, routine estate planning check-ups should occur regardless.

Letting your estate planning documents lapse in terms of their accuracy could mean big consequences for you if you were to become incapacitated or challenges for your family members if you were to pass away suddenly. It is important to always update wills and health care documents specifically. The individuals named in these documents may no longer be accurate if details in your life have changed.

Physicians, such as a health care agent, guardian for the minor children, power of attorney, trustees on the testament to your irrevocable trust, trust protectors or trustee appointers should all be carefully considered and evaluated at least on an annual basis. If your relationship has changed with any of the people named, if your life situation has changed, if the life situation of any of those people has changed such that they would no longer be available, interested or capable of carrying out the roles or if all of the people that are mentioned are not geographically appropriate, these issues should be used to update your estate planning materials.

Furthermore, you will need to look into issues such as whether or not the amounts left to each beneficiary are still appropriate, how your relationship with each beneficiary has unfolded or needs to be updated and are any of the beneficiaries at risk when it comes to inheriting assets. When you account for all of these issues on an annual basis, you can be sure that your estate planning includes many of the most common issues that people overlook and issues that expose them and their family members to difficulties.

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