How to Maintain Your Estate Plan

When you float this question to your estate planning lawyer, you will get a mixed reaction – because it comes down to the family dynamics concerning death and money.

The topic can turn out to be a delicate topic to discuss especially when you have run an unequal distribution of assets. It might even bring animosity among the family members, especially if you don’t know how to communicate.

On the other hand, it would be more beneficial if the beneficiaries understand what they are getting instead of leaving them guessing. When they understand what is happening, they will not be able to contest the will because they had it coming.

For other people, talking about the estate plan early on creates problems that aren’t necessary.

It all boils down to you.

These are your representatives in various decisions – POA, trustees, guardians, executors and agents. You might be forced to talk to them and tell them what role they are to play in your estate plan and when they come into the picture.

This is also the time to know whether the person that you have assigned to act is willing or not. You might have assigned someone without their consent, and when time comes for them to make a decision, they let you down. It is good to inform them in advance.

It is also good to tell them the situations when you expect them to act. If someone doesn’t want to do it or they cannot perform such a task, then it’s better to know early enough.

Some people might be emotional, and think that they might hurt the feelings of the select people. Well, don’t let emotions come into play when you make you decisions – because the estate plan determines whether your legacy lives on or not, so don’t compromise.

Many people fail to update their estate plan, and die before making the necessary changes. You need to review the plan periodically so that you can account for the changing life events and needs.

Here are a few situations when you need to review the estate plan:

• If you made a will with a minor in mind, then you need to review it especially if the kid has grown and can make decisions on their own.
• If at the time your child wasn’t trusted with money, has he changed to the point that you are comfortable leaving him the entire estate.
• Have you added a new member to the family, or has there been a death or a divorce?
• Over the past few months, do you have a member that has special needs? This is a member that cannot take care of themselves without assistance.
• If you assigned fiduciaries, has any of them died, moved, became disabled or changed to a point where they might not be able to serve the function you want them to?
• Has the size of your estate changed sufficiently to warrant a review?

The best period to review your estate plan is once every year. Consider the different aspects and see if there is a good reason to change the plan.

You don’t have to review the plan with an estate planning lawyer every time – you can meet with him probably once every 3 years to inform him of the changes.

Even if your circumstances don’t change, you can meet with your lawyer to see whether there are changes in the legal framework concerning estate planning. Additionally, there are changes that you can make on your own and others that need the services of your lawyer.

Address changes, personal property updates and an addition to the family are some of the changes you can make on your own. Other formal issues need the attention of the lawyer.

You need to review and make changes to your estate plan at least once a year, or depending on the changes that happen in your life. Meet with your estate planning lawyer regularly to change the structure and the contents of the document.