Do you believe that estate planning is a poor use of your time? Many others share your opinion. They either never create a plan at all, or they never revisit it once it is complete.
The truth is that estate planning is never complete. As your life changes and evolves, so should your plan. Adhering to the following three rules on an annual basis helps ensure that your estate documents will always work for you.
Protect your assets
Not enough people understand that a tailor-made estate plan does more than identify heirs and other beneficiaries. It also preserves the wealth, property and investments you have accrued over your lifetime. Reviewing and updating your plan each year can help ensure that it continues to protect your assets from substantial tax burdens.
Protect those you love
Speaking of heirs and beneficiaries, some may die before you do, while others will join your family during your life. Schedule an annual estate plan review to address deaths, births, marriages, adoptions or anything else that impacts your family dynamics. Taking this step can help ensure that you haven’t overlooked any loved ones in your estate plan documents.
Protect yourself
As you get older, your health may begin to decline. It is crucial to make sure that your estate plan contains instructions for medical treatments you want and those you do not. An advance health care directive and power of attorney allow you to continue directing your medical care even if you become incapacitated. A yearly review empowers you to update your advance directives to ensure they align with your current health.
Regular reviews and modifications will help keep your estate plan updated and compliant with Pennsylvania law so that it meets your needs and those of your loved ones when it’s needed.