Walter D. White, A Professional Law Corporation
Estate Planning & Elder Law
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What not to do when updating an estate plan

On Behalf of | Jul 23, 2022 | Estate Planning |

Creating an estate plan may be an effective way to manage your affairs. However, it’s just as important to review and update your plan on a regular basis after it is created. Otherwise, it’s possible that assets such as a car or Louisiana home might revert to your estate or that other unintended problems may arise.

Make sure to review all plan documents

While a will or trust may be the foundation of your estate plan, it may not be the entirety of it. If you have a financial power of attorney, a health care directive or other estate planning documents, be sure to take a look at them as well. This will help to ensure that you don’t have a dead relative named as your agent or a directive that no longer reflects your wishes.

Is your plan still viable in your new home state?

You need to review a will, trust or other plan documents when moving across state lines. This is because your new state may require a will be signed by two witnesses instead of one or require that all plan documents be typed instead of written by hand.

Keep an eye on your financial plan

Over time, you may open a number of bank, brokerage or other types of financial accounts. Reviewing these accounts can help to ensure that you remember to account for them within your estate plan. It also gives you an opportunity to add or edit beneficiary designation forms or make other decisions that may allow your plan to achieve its goals.

Staying on top of your estate plan may make it easier to care for dependents when you are no longer able to. It may also ensure that your affairs are settled in a timely manner, which may prevent conflicts between family members.