Periodically reviewing your estate plan is necessary if you want your plan to remain effective. Things change and your estate plan should change to reflect that.
Even if you do not think that there have been any substantial changes that would require an update to your estate plan, you should review it anyway, just in case. Many people advise that you should review your plans when filing your taxes because it is easy to remember to do so then.
Recently, the Wills, Trusts & Estates Prof Blog offered some estate planning tips that can help you review in "Tips for Estate Planners in 2017," including:
- Make sure that your life insurance policies are up to date.
- Write down what your children should do in the case of an emergency.
- Save your family the hassle of providing for your burial and make those plans yourself.
- Put money in a 529 plan to provide for the educations of your children or grandchildren.
- Hold a family meeting so everyone knows what to expect from your estate plan.
- Create a list of your important assets for your estate administrator.
- Make sure someone can access your passwords to digital accounts, in case something happens to you.
- Update charitable bequests, if necessary.
Reference: Wills, Trusts & Estates Prof Blog (Jan. 21, 2017) "Tips for Estate Planners in 2017."