5 Reasons to Review Estate Plans

5 Reasons to Review Estate Plans

Take a second to think – when is the last time your estate plan or the estate plan of your parents has been reviewed? Better late than never is what we here at National Educational Services believe if it has been at least four years since the last time you reviewed your estate plan. This process is very important, as your estate plan may no longer be in effect since it was last reviewed and it may be very costly to correct. 

Listed below are the five most important reasons why it is so essential to have your estate plan reviewed sooner rather than later. 

1. Laws Regarding Estates Change 

Oftentimes, since the estate plan was written, the laws in that specific state have changed in regard to the handling of estates. These changes may be positive or negative in terms of how they affect your specific estate plan.

This is all the reason more why it is so important to talk to an experienced estate planning attorney, as they can help you navigate the changes that may be necessary for your estate plan in regards to the updated laws.

2. State Documents are Anathema to Financial Institutions 

In regards to your power of attorney, if they are more than twenty years old, they will be frowned upon by both the bank or brokerage house.

In order to ensure the power or attorney is still valid, these financial institutions will most likely want an affidavit to confirm the original document. A regular review of your estate plan will help ensure that power of attorney documents are up to date in case of a death. 

3. Language Found in Estate Planning Documents Changes 

As mentioned earlier, the laws regarding estates tend to change overtime, but additionally, the language that is found in these documents also tends to change overtime.

This change in language can plan a large role in estates and many attorneys have had to make changes due to the SECURE Act. In order to ensure that your estate plan does not face additional taxes and fees, a regular review of the plan is needed. 

4. Ensure Documents Are Updated and Current

Finally, in order to ensure that the decedent’s wishes are followed, a regular review of the estate plan is necessary so that all official documents are updated.

This regular review will ensure that all of the inheritance are properly paid out to the individuals that are entitled to the estate. 

5. Speak With An Advisor from National Educational Services

Taking a regular review of your personal estate plan of the estate plan of your parents can make all the difference when the time comes that the plan is enacted. Contact an advisor at National Educational Services today to get started with your review. Fill out the form below, and we will be in touch!

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