Proven Representation

Proven Representation

The importance of reviewing your estate plan

After an owner dies, their assets such as an Ohio home, car, or bank account will need to be distributed to beneficiaries through a will or per state intestacy laws. Items that are held in a trust may remain there in accordance with its terms assuming that the document was created properly. Let’s look at what else you should know about estate planning and the importance of regularly reviewing your plan.

Why do you need to review your estate plan?

The birth of a child, the death of a spouse, or changes to tax laws may alter your estate plan. For example, the child may need to be added to your will, trust, or other plan documents. If your spouse passes away, it will be necessary to remove them as your beneficiary on a 401(k) or life insurance policy. In the event that tax laws change, you may want to alter or revoke a trust.

How often should you review your plan?

Ideally, you’ll review your estate plan at least once a year to ensure that it meets your needs. However, it’s also a good idea to do so after a major life event such as a marriage, divorce, or death in the family. It’s also worth your time to take a look at plan documents at any time if you have any reason to believe that they may not have been executed properly.

A properly executed estate plan may make it easier for family members to settle your affairs in a timely manner. This is because it’s less likely that anyone will be able to successfully challenge documents that are structured in accordance with state law.

Archives