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Must-do's for Individuals Considering an Estate Plan, Part Three

Last week, we began a series of posts examining the question of estate planning (courtesy of an excellent article by Steven Merkel for Investopedia). On Saturday, we finished with the creation of a will.

While this step may seem like the last one, there are actually a few more that you should cross off your list before calling it a day. We'll take a look at steps 11 through 13 after the jump.

Step Eleven: Review Your Documents Regularly

Things change and, when they do, so should your estate plan. Just because you've got your will doesn't mean you should just file it away in a safe and forget about it.

Marriage, divorce, children and developments in personal health are all good reasons to stop and take a look at your estate plan. Even without these, it's worth checking in every couple years to make sure that the document is still accurate.

Step Twelve: Send a Copy of Your Will to Your Estate Administrator

Like the assets list, it's important that your estate administrator have an up-to-date copy of your will. Keep a copy for yourself, preferably someplace safe, but don't forget to send one to your administrator as well.

Step Thirteen: See an Experienced Estate Planning Attorney

As Merkel points out, even if you feel that you've covered all your bases, there are likely a few things that you're missing. It's less a mistake and more a testament to the complicated area of estate planning.

Even if you are on top of everything, it never hurts to have someone familiar with the laws in your state take a second pass at your documents.

Source Article

  • Estate Planning: 16 Things To Do Before You Die (San Francisco Chronicle)

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