We all understand the importance of having a will or trust, but we sometimes forget that we need to update these documents. They are not things that can be done once and forgotten. A lot can happen in just one year! Imagine the changes that can happen in several years. In a recent article by Kiplinger, there are several common mistakes that people make when updating their estate plan.
Common Mistakes When Updating Your Estate Plan
We recommend reviewing and updating your estate plan every 3-5 years. During this time, you may have moved, acquired new assets (house, cars…), your beneficiaries may have passed away or you may have new people to leave your property. Just thinking about this, you can understand why we say to look at your plan every couple of years.
Great! You’re going to review and update your estate plan! But don’t make these 3 common mistakes:
- Mistake # 1 – Only focusing on your will or trust
There is much more to your estate plan than your will or trust. Don’t forget to review your Power of Attorney (is that person still willing to take on the responsibility?). And re-read your health care directive, making sure you still agree with the decisions you made years ago. Have you changed your mind on who you want to be your child’s guardian if you pass away? These are all things that you should review in your estate plan.
- Mistake #2 – Don’t forget about your financial documents
Someone who put years of work into building their stock portfolio, only to realize they forgot to name a beneficiary. Now is the time to review your investments and ensure the correct beneficiaries are named.
- Mistake # 3 – Forgetting to make an In Cases of an Emergency sheet
This is one sheet that includes all essential information in one place. It can list your property, investments, insurances, estate attorney and other relevant information. Having all this in one place will give your loved ones a place to start when reviewing your assets after you pass away.
An experienced estate planning attorney will ensure you avoid these and other mistakes when reviewing your estate plan.
Do You Need to Talk to An Oak Brook Estate Planning Attorney?
When you’re ready to review and update your estate plan, contact the experienced estate planning attorneys at the Estate and Probate Legal Group. Call us today at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties
