Are You Prepared? When Is The Right Time to Review, Create, or Revise Your Estate Plan

We often think of estate planning as something to worry about later—but in reality, there's no "perfect" time to start. The best time is whenever you're ready to ensure your wishes are respected and your loved ones are taken care of. Whether you're just starting out, making changes in life, or want to revisit an old plan, you're already on the right path by thinking about it!

When Should You Review, Create, or Revise Your Estate Plan?

Major Life Changes: If you've recently gotten married, welcomed a new child, experienced a loss, or gone through a divorce, it's time to review your estate plan. Life changes can shift your priorities and impact who you want to include.

Big Financial Shifts: Buying a home, receiving an inheritance, or experiencing changes in income are all reasons to check in on your estate plan to ensure everything is in alignment with your financial goals.

New State Laws: Laws can change, affecting your estate plan. It's a good idea to consult with your attorney to make sure your documents are up to date.

You Haven't Looked at It in Years: If it's been a while since you created your plan, even if no major changes have occurred, it's a good idea to review it every three to five years to make sure it still reflects your wishes.

A Positive Step Forward

Creating or revising your estate plan is an empowering step that brings peace of mind, knowing that your loved ones are protected, and your wishes will be honored. It's not just about preparing for the future—it's about making sure your journey through life is supported by those who matter most. 

What Documents Do You Need?

Creating an estate plan will be a smoother situation than you might think, especially with an attorney to help keep you on track. Having these 4 important documents in place ensures that your loved ones are supported, and your assets are distributed according to your wishes.

1. Durable Power of Attorney: This allows someone you trust to manage your financial affairs if you're unable to do so yourself. They can pay bills, manage property, and handle other important matters.
2. Patient Advocate or Healthcare Power of Attorney: Similar to a Durable Power of Attorney, this appoints someone to make medical decisions on your behalf.
3. Revocable Trust: This helps your estate avoid probate and can streamline the process of distributing assets. It also allows for privacy and greater control over when and how beneficiaries receive their inheritance.
4. Last Will & Testament: The cornerstone of any estate plan. It specifies how your assets will be distributed after you pass and appoints guardians if you have minor children.

Estate Planning Checklist

1. Gather all personal information (ID, Social Security numbers).
2. Create or review your will.
3. Set up powers of attorney (both financial and healthcare).
4. Establish or review your Advance Care Plan or Living Will: This document outlines your wishes regarding medical treatment if you're unable to communicate them yourself. It provides peace of mind for both you and your loved ones.
5. Consider creating a Revocable Living Trust.
6. Update beneficiary designations for accounts to ensure that beneficiaries are named on life insurance policies, retirement plans, and other financial assets. These designations often supersede what's in your will.
7. Make a list of all assets and liabilities. Create a comprehensive list of all your assets (bank accounts, investments, properties) and liabilities (mortgages, loans) to keep everything organized.
8. Review and update your plan regularly

If you have questions or need help getting started, our team at Schluter & Hughes Law Firm PLLC is here to guide you every step of the way. Reach out today, and let's work together to build a plan that reflects your unique journey!