Routine Maintenance

Sharing the following from Everplans.com. It’s a great reminder that your estate plan (and financial plan in general) should be viewed as dynamic documents. Without proper and timely review, they can easily become useless documents that don’t do what they were originally intended for…

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It’s a great accomplishment (and relief) when a person has all their estate planning components in place. It can put worries to rest and a family at ease knowing their Will, Advance Directive, Power Of Attorney, Life Insurance Policy, Trusts, and other necessary documents are completed and out of the way.

While it’s perfectly natural to take a victory lap upon finishing these tasks, remember that estate planning is a living thing. It doesn’t require the same care and attention as a child, or even your lawn, but it does require routine maintenance every few years to make sure it’s still as current and useful as the day you drafted the papers.

Every 5 Years or After Major Life Events

After experiencing a major life event you should review your estate planning documents and make the necessary changes. This includes:

Marriage/Divorce
Birth of a child/When children are no longer minors
Relocation to another state or country
Death of a spouse/family member
Medical emergency
Care required for special needs dependent or family member
Term expiration for Life Insurance Policy
Major purchase or sale (homes, property, business)
Personal factor/changes (falling out with family, becoming passionate about a cause or charity, etc.)

Even if none of these life event occur, a person should make sure everything is up-to-date, easy for their family and loved ones to locate, and in the proper order every five years.

The Main Aspects of an Estate Plan that Require Maintenance

The most important things to review are the people you’ve named to either carry out specific duties or those who’ll receive benefits. Are these people still alive, in your life, and trustworthy? Are your kids old enough to take on some of these tasks? The following checklist/questionnaire can help make the process quick and easy.

Will

Are you still pleased with your choices for executor and guardians?

Have you accounted for the correct assets?
Are you still happy with the allocation or do you need to make some adjustments to your beneficiaries?
Does your family/loved ones know where to find your will?

Advance Directive