Why You Should Periodically Review Your Estate Plan

Many Louisiana residents sit down annually with their financial planner or investment professional to review their economic progress. Yet sometimes, these same people rarely update their estate plans. Regular review of your estate documents is crucial to realizing your final goals.

Why you need to review your estate plan periodically

Estate planning is uncomfortable for many people because it reminds them of their mortality. Others feel that they are too young to establish a plan, and once they do, it becomes tempting to file away the will, trusts and other related documents and forget about them. However, the longer you refrain from reviewing your documents, the more likely it is that they will be outdated and not reflect your current needs.

Most professionals recommend reviewing your documents every three to five years to ensure that everything is in order. By looking at beneficiary names, your will, durable powers of attorney for finance and healthcare and similar documents, you’ll catch potential problems, such as designees who may have passed away or become incapacitated, missing provisions for newly acquired assets and similar issues.