Most consider spending an afternoon reviewing estate planning documents an unappealing notion. The law is complex, and people are often reluctant to contemplate their mortality.
That said, estate planning documents sometimes need updates and alterations. One way of figuring out whether a plan needs changes is by seeking the advice of an estate planner. Even without guidance, particular signs point toward the need for an overhaul.
Even if someone has a few elements of a comprehensive estate plan in place, it does not mean it is complete. Beyond a will, good plans need medical directives and a designated power of attorney. If a person has children who are juveniles, guardianship wishes should also be at the ready.
As time progresses, children are born. Grandchildren come into the world. Estate plans make sure assets go to the desired recipients. The way to make sure this happens is by officially naming them in signed paperwork.
Lapsing insurance policies
Life insurance is a common aspect of well-designed estate plans. If policyholders do not pay the premiums, they lapse and become worthless. Interest can accumulate on unpaid premiums. For this and other reasons, these documents need checking every few years.
Naming relatives and friends as trustees
A trustee should be someone with considerable wisdom about estate planning. People commonly put a person they love in the trustee position who may not be knowledgeable. Appointees must have an understanding of wills and other aspects of estate plans.
Estate planning is a responsibility that never finishes. Anyone with assets should periodically review theirs. Doing this helps verify every variable is current and complete.