Estate planning is something that can be hard to think about. Once you have done it, it can be tempting to just let the plan ride and not think about it again. As time passes though, things in your situation might change that will require you to update your plan. Here are some questions you need to ask yourself every now and again to make sure your estate plan is up to date.

Is Your Beneficiaries List Up to Date?

The lives of your beneficiaries may change. A favorite daughter-in-law may now be an ex-wife or a loved one may have passed on before you. Not having an up to date list of beneficiaries for your insurance policies, will and retirement accounts can cause a lot of work for your will’s executor during a trying time. Periodically review your beneficiary list to make sure that the right people are on it.

Does it Make Sense to Start a Trust?

Tax laws change and tax percentages go up as time marches on. Even smaller estates might benefit from creating a trust. Do a quick list of your assets and see if creating a trust for your next of kin makes sense now in order to make sure they can get the most of what you worked hard for.

For any legal questions or to update a will or other estate documents, contact the elder law experts at Stano Law Group.