Estate Plan Review
Estate planning is an important process that should be reviewed periodically. Wills, trusts, and other documents should be reviewed at least annually but at least once every three to five years even if there aren’t any major life changes.
This allows you to ensure that your plans are still in line with your wishes and makes any necessary changes. It is also a good time to review beneficiaries. Have you done your annual estate planning review?
When reviewing estate plans, individuals should consider these questions
- Do the provisions still accomplish your goals?
- Have your documents been updated to take advantage of changes to tax laws?
- Do your documents contain provisions that provide asset protection to your children, grandchildren, and other loved ones?
- Are the fiduciaries named (Personal Representative/Executor, Trustee, Power of Attorney/Agent-in-Fact, Health Care Agent) still appropriate?
- Are your Durable Power of Attorney and Living Will on file with family members and health care providers?
- Have estate planning concepts, funeral arrangements, and decisions on anatomical gifts been discussed with family?
- Are your life insurance policy and retirement plan beneficiary designations still appropriate and in line with your overall estate plan?
- Are bank accounts and other assets titled in line with your overall estate plan?
- For business owners, are buy-sell agreements and the related valuations and life insurance policies up to date?
Discussing your plans with loved ones can also help to ensure that everyone is aware of your wishes and knows who to contact in the event of your death.
What does an update to date trust accomplish?
A trust is a highly versatile estate planning tool designed to meet the specific goals of the trustor. It’s not a “one-size-fits-all” solution. By keeping your trust up to date, you ensure that it addresses your evolving needs and the unique dynamics of your family and financial situation.
Common objectives an updated trust can accomplish include:
- Protecting family assets from claims by future ex-spouses or creditors
- Addressing blended family needs by providing specific inheritance arrangements
- Managing inheritance for minor children through responsible financial oversight
- Providing care for special needs individuals using a supplemental needs trust
- Managing assets for financially irresponsible beneficiaries (e.g., spendthrift trusts)
- Protecting assets for Medicaid planning to cover nursing home care
- Minimizing estate taxes and avoiding probate
However, not all trusts are created equal. If you draft a trust without the help of an experienced estate planning attorney or use generic forms or online templates, you risk missing out on key protections or creating unintended legal issues.
In the long run, updating your trust regularly with professional assistance is essential to ensure your trust serves its intended purpose and avoids costly complications.
Get Help From a Mississippi Estate Planning Attorney
If you need assistance in Biloxi, Ocean Springs or anywhere else in the Gulf Coast of Mississippi, contact an experienced estate planning lawyer at Rushing & Guice, PLLC for legal advice and assistance. Call us at (228) 374-2313 or fill out our online form to arrange for a limited initial consultation. We look forward to hearing from you and look forward to the opportunity to serve as your attorneys.
