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What parts of an estate plan should be periodically reviewed?

On Behalf of | Oct 23, 2020 | Estate planning

Estate planning isn’t just something that people in Delaware should do once. It’s a process that they should go through multiple times throughout the rest of their lives. People should periodically review their estate plans, particularly if they experience a major life change, like a divorce or the birth of a new child. Here are some important parts of an estate plan that people should review from time to time.

The elements of an estate plan that should be occasionally reviewed

During the process of estate planning, individuals should review their will and make sure that everything is up to date. They’ll want to add new financial assets that they’ve accumulated since the last time they reviewed their will. Additionally, they’ll want to evaluate their current family situation and make sure that they’ve included everyone that they want to include.

Individuals should also review the person that they selected for power of attorney. This person will be able to make financial decisions for the individual if he or she is incapacitated. Accordingly, individuals should choose someone that they trust with their finances. They should also name a back-up who can take over if the first person dies or becomes incapacitated. This is especially important if the first person is old or ill.

An attorney can assist individuals with estate planning

The estate planning process can be difficult, particularly for individuals who have never done it before. Hiring an attorney may make the process easier. A lawyer may ask important questions to help people figure out what they should include in their will. An attorney may also offer advice when choosing someone for power of attorney. Additionally, a lawyer may point out potential issues that an individual never would have considered. Working with an attorney, someone may be able to write a will that distributes his or her assets according to his or her wishes.