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3 issues with your estate plan that you shouldn’t overlook

On Behalf of | Sep 16, 2022 | Estate Planning |

Creating an estate plan is a good first step in protecting your loved ones after you pass away. However, it may create a few issues if you haven’t reviewed your estate plan in several years. 

If you don’t review and update your estate plan, it can leave gaps that your family and beneficiary will have to deal with. Some of the issues that you shouldn’t overlook can be found here. 

1. There are important plan components missing

It’s smart for you to have (at a minimum) a will, advanced medical directive and financial power of attorney. Be sure to review it after any major life event and every decade to ensure all the information is still accurate and applicable to your life and family. 

2. You haven’t planned for your personal effects

While this isn’t as important as other parts of your estate, leaving your beneficiaries to determine who will get your personal items after you die can create conflict and stress. It’s simple to divide investment accounts, but what about your engagement ring or other sentimental items? If you haven’t spelled out who gets these items when you die, you may leave your family with many hard decisions. 

3. You’ve forgotten to update your plans for a while

When you create an estate plan, you may think of it as a “one-and-done” process. However, this isn’t the case. If you don’t review and update your estate plan regularly, it may not reflect your wishes. There may also be gaps that leave your families with hard decisions to make after you die. Be sure to know your legal options and what you can include in these plans to ensure you create a thorough and complete estate plan.