When you walk out of an estate planning attorney’s office with a newly executed estate plan in your hands, do not make the mistake of thinking that your estate planning is complete. You have taken an important step toward having an estate plan your family can use after you pass away.
After you have created your estate plan, there is more that still needs to be done as the Reading Eagle recently explained in “Office Space: 4 steps to a perfect estate plan.”
To make sure that your estate plan will work you still need to:
Make sure the people who have important roles in your estate plan are aware of those roles. For example, if you have a general durable power of attorney, then you need to let the designated person know about it so he or she understands what to do should anything happen to you.
Let your family in on your plans so they know what is going on and who needs to do what. You do not necessarily need to tell them everything, but they should at least know where to look when the appropriate time comes.
Do not keep old financial documents you no longer need for any reason. You do not want your family to waste time trying to track down old accounts that no longer exist after you pass away.
Make sure to periodically review your estate plan and keep it up to date with any changes in your circumstances or the circumstances of your heirs and beneficiaries.
Reference: Reading Eagle (Aug. 30, 3016) “Office Space: 4 steps to a perfect estate plan”