After creating an estate plan, some Louisiana residents may think that they have done their part and can leave the matter to rest. However, this line of thinking could be responsible for preventable issues in the future. Elder law plans often benefit from reviews and updates every few years, and by doing so, it may be able to keep errors from creating substantial problems.
Going over the documents that make up the estate plan can be a prudent review step. Looking at details of the will, trusts and power of attorney designations can help parties ensure that the choices they made years ago still apply today. If they are no longer comfortable with those decisions, they can take the time to change details to better align with their needs and desires.
Another aspect to review is beneficiary designations. These designations can be assigned to certain bank accounts, life insurance policies, retirement funds and other similar accounts. Individuals may have named certain family members or other parties as beneficiaries, but life changes may occur that could present a need for new beneficiaries. Reviewing estate plans could help ensure that funds go to the correct individuals.
Creating an estate plan in the first place is certainly a beneficial step. However, if the terms and details of those plans become outdated, complications could arise that surviving family members may need to sort through during an already difficult time. If Louisiana residents want to review their plans, they can speak with their elder law attorneys in order to ensure that they have the necessary areas covered.
Source: recordonline.com, “Review your estate plan every 3 years“, Bonnie Kraham, March 22, 2017