Ensuring that your estate plan is complete involves a few key steps and considerations. Here are some important aspects to review to determine if your estate plan aligns with your personal goals and is thorough:
Basic tools and documents
Ensure that you have all the basic components of an estate plan in place. This typically includes a will, a durable power of attorney, a healthcare proxy and possibly a living will. Trusts may also be part of your estate planning, depending on your specific needs and goals.
Personal goals and wishes
Reflect on whether your estate plan accurately reflects your personal goals and wishes. This includes the distribution of your assets, provisions for your dependents, charitable donations and any specific instructions you want your personal representative to follow.
Family needs
Assess the needs of your family members, including their financial literacy, maturity and current financial status. See if your estate plan includes a distribution plan addressing how your death might impact their relationships and individual circumstances.
Regular reviews and updates
An estate plan isn’t static. You should regularly review it and update it following significant life events like getting married, getting divorced, having a child, the passing of a beneficiary, major shifts in your financial status or any legal changes that could impact your estate planning.
By considering these aspects, you can better assess whether your estate plan is complete and tailored to meet your personal goals. Regular reviews and updates, guided by a legal professional’s advice, are key to maintaining an effective estate plan.