Review Your Estate Plan Each Year

By: Joe Morgan

Oct 28, 2021 | Estate Plan

Prefer to listen rather than read? Pair this post with Deliberate Money Moves Podcast: Review Your Estate Plan Each Year.

Your estate plan enacts the decisions you would make in circumstances in which you cannot make them.

Can You Answer These Questions?

When you die, what happens to the money and things that you own? Who will take care of your kids? If you are on life support, what decisions do you want to be made? Who will help manage your finances if you are incapacitated?

We determine the answers to all of these and more when we develop a complete estate plan.

Documents Included in an Estate Plan
  • A will that likely says everything goes into the trust.
  • A trust which says what will happen to all your money and things.
  • A durable power of attorney which says who can enact your financial transactions if you aren’t able.
  • An advance health care directive which states what healthcare decisions you want to be made if you are unable.
  • And a power of attorney for healthcare appointing someone to make healthcare decisions for you if you are incapacitated.

You must use an attorney to get these done properly and it will cost some money but think of what you will have accomplished. No one likes to think about the importance of such documents, but they may save you and your family a lot of grief if they are in place.

So, that’s how you create your estate plan, but I want you to review it each year.

Why You Should Review Your Estate Plan Yearly

Things change as time goes on. You might have another child, or your feelings might change about who you want to raise your kids. You may want to change your beneficiaries, or the account balances themselves might have grown to the point that requires a change.

A quick annual review of your plan will ensure your wishes are in place.

Here’s this week’s Best Financial Life tip of the week: Review Your Estate Plan Each Year.

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