Life is unpredictable. We never know what tomorrow may bring. Taking steps to plan for the future can provide a sense of control, especially when life throws unexpected challenges. Estate planning is a straightforward way to prepare for the unknown. It is an opportunity to identify your wishes and ensure your family is provided for. It ensures that your wishes are clear and your loved ones are cared for regardless of the future. Building and modifying your plan will be ongoing alongside life’s significant changes. Doing so can ensure your plans align with your current life circumstances.
Why You Should Review Your Estate Plan Regularly
Estate plans are not something you create once and then forget. Life events like marriage, the birth of a child, or the death of a loved one can change your wishes or the people you trust to carry them out. That’s why it’s important to review your will, trusts, and beneficiary designations periodically. This review ensures that your estate plan reflects your current situation and wishes. For example, you must update your will to include any new family members, such as children or grandchildren, who should be beneficiaries. It’s also wise to reassess the individuals you’ve named as guardians for your minor children to ensure they are still willing and able to take on this responsibility.
Additionally, ensure that the people chosen to serve as your financial and healthcare powers of attorney are still in the best position to do so. Sometimes, people fail to update their plans after a selected person dies. Your relationships with people change over time, and your beneficiary designations must reflect your current intentions. Taking these steps is a responsible act that helps prevent future disputes and confusion among your loved ones.
The Importance of Communication
Never underestimate how important it is to communicate your wishes to those you love. Giving people an understanding of why you made your decisions prevents in-fighting later. There are no surprises when your family knows what to expect. When discussing your estate plan, discuss the roles and responsibilities of those you’ve named executors, trustees, or guardians. This conversation helps clarify your intentions and gives your loved ones the reassurance they need to ask questions or express concerns.
Providing a list of emergency contacts, including your attorney and financial advisor, can be invaluable in times of crisis. Ensure your family knows where to find important documents and how to access them in an emergency. This includes ensuring they understand how to access any digital copies you’ve stored securely. By communicating openly and providing your family with the necessary information, you help to ease their burden during challenging times.
Take the Next Step in Estate Planning
Estate planning is a practical step to protect your loved ones and provide peace of mind. If you haven’t started your estate plan or if it’s been a while since you reviewed it, now is an excellent time to take action. Schedule a consultation with us so we can help create the estate plan that aligns with your current wishes and expectations.
Law Offices of Debbie J. Cunningham
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