You have an estate plan, and you think it’s as good as it’s going to get. Before you think that you’re done, wait a second and consider talking to your attorney. What you think is iron-clad could actually be an estate plan that is not as well-planned as you thought.
The unfortunate truth is that life sometimes changes. Sometimes, laws change and the people around you change, too. You might be faced with unexpected challenges or windfalls that you need to address in your estate plan, too.
Estate plans usually have to be revisited over time. There is no specific timeline that you need to follow, but when major life events happen, that’s usually a good time to look over your estate plan again.
When you pass away, your executor may have as many as 100 different tasks to perform to resolve the estate. To help them, it’s important to keep your will current, make your will detailed and done what you can to make sure your wishes are legally binding.
You’ll want to make sure that your finances are organized and that your executor can easily locate your bills and accounts, so they can end recurring payments and make sure creditors are paid.
Overall, you need to be sure that your estate plan is set up in a way that is easy to understand and that makes administering the estate easy for your executor. Working with your attorney on your estate will help make that possible since you can discuss different options and how they’ll affect your estate in the future.