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. 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

  1. Do the provisions still accomplish your goals?
  2. Have your documents been updated to take advantage of changes to tax laws?
  3. Do your documents contain provisions that provide asset protection to your children, grandchildren, and other loved ones?
  4. Are the fiduciaries named (Personal Representative/Executor, Trustee, Power of Attorney/Agent-in-Fact, Health Care Agent) still appropriate?
  5. Are your Durable Power of Attorney and Living Will on file with family members and health care providers?
  6. Have estate planning concepts, funeral arrangements, and decisions on anatomical gifts been discussed with family?
  7. Are your life insurance policy and retirement plan beneficiary designations still appropriate and in line with your overall estate plan?
  8. Are bank accounts and other assets titled in line with your overall estate plan?
  9. 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.

Get Help From a Mississippi Estate Planning Attorney

Are you looking for assistance with reviewing and revising your estate planning documents? Please contact us, we can help. If you have any questions about reviewing or updating your estate plan, please contact our office. We would be happy to assist you.

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