You are proud of yourself and you should be. You just signed your living trust, last will and testament, power of attorney, health care proxy and living will. You also checked all of your life insurance, annuity and retirement plan beneficiary designations to make sure they are in order. You have an estate plan that is tax and long-term care efficient and that will distribute your assets in the manner that you desire.
Then, life happens.
Your children get older and more responsible. You have grandchildren. The executor of your will passes away. Someone gets divorced. Someone develops an addiction, experiences a business failure or a bankruptcy. A beneficiary of your living trust becomes disabled. The law changes and the documents that fit your situation so well are now detrimental to your estate plan.
Your life does not stand still and neither does your estate plan. Don’t become victim to an out-of-date estate plan. Make sure you review your estate plan every few years to make sure it still meets your needs and the needs of your family.
