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Estate planning allows you to set your wishes in writing regarding what happens to your property and capital after you pass; however, your desires and circumstances can change. For this reason, it's important to review your plan regularly. Here's a closer look at the process and why it's important to work with an estate planning attorney.

What Reviews Are For

A review involves evaluating every aspect of the estate plan to determine if any updates are needed. Without it, there's a risk of oversight, which jeopardizes your goals.

For instance, if you've become a first-time parent, you need to name a guardian and alternate guardian in case something happens to you while your child is a minor. Revisiting these details annually helps keep them updated so that the plan always reflects your life.

Why You Should Work With an Estate Planning Attorney

estate planning attorney

Most states have estate planning laws in place, and failing to follow these rules can void your entire will or trust arrangement. An estate planning attorney is trained to know and understand the local regulations, allowing you to bypass legal issues that may deny your beneficiaries their inheritances. These professionals also have the experience to ensure the plan covers the important factors in your life, checking that everything is accounted for.

What Documents Need Updating

Wills and trusts are the primary focuses of estate planning reviews, allowing you to evaluate the distribution of your assets in the future. It's also a good time to revisit any powers of attorney and health care directives to make sure you're prepared for any unexpected medical issues.

Other important documents to update regularly include your retirement fund, life insurance policies, and banking accounts. You should also double-check the beneficiary designations and any amount changes that may impact your distribution plans.

 

If it's time for your annual review, turn to Swiderski Law in Lake Ozark, MO. These experienced estate planning attorneys will walk you through your existing plans to make sure they reflect your current life and wishes accurately. Get more information about their services online, or call (573) 745-1228 to schedule an appointment.

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