Reviewing estate plans

Reviewing existing estate plans is an important part of the estate planning process. Although estate plans are valid at the time they are signed, periodically updating and reviewing the documents is important, especially after big life events like deaths, births, marriages, and divorces. The five areas where individuals should focus when updating and reviewing estate plans are below:

1. A simple review of your documents to ensure you have and understand the plan you put into place.

2. It is important to review that people nominated as guardians, agents, executors, and successor trustees are still in a trusted relationship with you and, if not, naming someone who is.

3. If your plan was created when you had minor children and now they are grown, ensuring the plan fits their needs now, and not what they were when they were minors.
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4. Ensuring that any assets acquired after creation of a trust  are in the name of the trust. A thing to remember here is that trusts only control the assets actually titled to the trust.

5. Keeping up with the changes in the estate tax and regulation over health care decisions. You will want to ensure that your estate plan completes its objectives in the most tax efficient way possible, and with that if you are unable to make decisions for yourself, that someone can act on your behalf.

If you would like a review with an attorney, I will offer one hour of my services, to tell you what your plan currently says and what it should say. If you are interested in this type of review, please call 580-318-8829 to set up an appointment.

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