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The Basics Of Annual Estate Plan Verification

21 December 2021

Cassandra Stone

When it comes to ensuring the final distribution of your estate, a solid estate plan is important. However, one of the biggest mistakes that you can make is to create that estate plan and then not do anything more about it afterward. This is a common issue that many probate law attorneys see, and it's one that can prove to be quite costly. You should review your estate plan about once a year to ensure that the information in it is still relevant and accurate. Here's a look at some of the things that you need to check.

Assess Your Beneficiaries And Executor

The first thing that you should do each year is review your beneficiaries and the executor of your estate. Make sure that the people you have named are, in fact, the ones that you still wish to have listed. Sometimes, things can change. Whether it's an unexpected divorce, a marriage, or even the birth of another child, it's important that you routinely verify the accuracy of this information and update it as necessary.

Update Your Assets And Accounts

Another important element of your annual assessment of your estate plan is to ensure that your assets are accurately defined. Sometimes, the purchase or sale of certain assets will trigger necessary changes in your estate plan. For example, if you sell something that was named in your will, you'll have to update the document. If you acquire a new property and want to define who that property should be left to, you can add that information.

Evaluate Your Digital Asset Plan

In an age of growing technology, digital asset plans are just as important as tangible ones. Think about your digital footprint, online accounts, and any similar information. Take the time to clearly define what you wish to be done with those accounts and the intellectual property that's stored in them. The more detail you can include in that list, the better, and make sure that it's current and comprehensive every year.

Verify The Guardianship Information For Your Children

When you have children, you need to include a guardianship order in your final estate plan. That guardianship order should define who will get custody of your children in the event of your death. Make sure that you review this custody plan every year to be sure that this is still what you want. Talk with your probate law attorney about ensuring its accuracy and ability to be legally enforced.

Talk with a local probate law attorney today for more help. 

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