How Often Should I Review My Estate Plan?

Estate planning is important; even though it is something many try to avoid. Estate planning is the act of preparing for the transfer of a person’s assets after his or her death. A person’s estate may contain pensions, life insurance, real estate, personal belongings, cars, and debts.

The importance of reviewing your estate plan

Reviewing your estate plan will give you peace of mind and will bring to your attention any other changes that need to be addressed.

• There are other reasons why you should review your plan such as if there is a change in your marital status
• If there has been an addition to your family by adoption, birth or stepchildren.
• Another time when reviewing your estate is needed is if your spouse or a family member has become ill, died or has become incapacitated.

Other reasons to review your plan

Another reason to review your plan is if your spouse, your parents or other family member has become dependent on you. Additional reasons are if you have received a large inheritance, your income level has changed or if you have made a change in your will or you will soon be retiring.

Benefits of reviewing your estate plan

Benefits of reviewing your estate plan are preserving an estate for your heirs, reducing or eliminating estate taxes, designating someone to act on your behalf if you become unable to take care of your affairs, avoiding probate and maintaining control over the distribution of assets.

Estate planning tips

To make estate reviewing easier, here are tips that will help:

• Create a will
• Name a trusted guardian for your children
• Name a trusted executor
• Take care of your debts,
• Determine how your assets should be delivered
• Create a trust
• Ensure that your family knows where to find your documents such as your marriage certificates and birth certificates and financial documents. In addition, determine who will be your power of attorney.

To conclude, estate planning is important; even though it is something many try to avoid. Call Louis Pacella, Attorney-at-Law today for your free initial consultation. Reach him easily by calling (818) 614-9245.