Do you have a complete set of estate planning documents in place? No two situations are exactly the same, but the following is a list of basic estate planning documents and a brief description of each:
Once these basic documents are implemented, you should review them periodically to ensure they stay current. We recommend that most people have these basic documents reviewed at least every three years to identify any changes that may have occurred in the person’s life that need to be addressed in the documents, and also to discuss any changes in the law that may impact the documents.
Also, in addition to implementing these basic estate planning documents, you should also ensure that beneficiary designations on assets such as life insurance policies, annuities, IRA’s, and 401(k)’s are up-to-date and consistent with your estate planning documents. This is often an overlooked part of estate planning that can lead to unintended consequences to an estate plan.