You've taken the important step of creating a last will and testament, so now you can put the matter behind you for good. Right? Not necessarily.
While your estate plan should definitely include a last will and testament, it is important to remember that, when major life events occur, your estate planning documents may need to be updated.
In far too many cases, estate litigation results after divorce or other life events have changed family dynamics, but the will and other aspects of the estate plan were never updated to reflect the changes.
Some questions to ask yourself include:
- Does my last will and testament sufficiently clarify my wishes and effectively address family dynamics, or is a trust more suited to the task?
- Is the person to whom I have assigned power of attorney still the best choice?
- Similarly, is my choice of an executor the proper choice? Should I inquire as to whether naming two executors is the best route to take?
- Does my estate plan address particularly modern concerns like social media accounts and other digital assets?
Additionally, you may find great benefits in clearly communicating with your loved ones about your plans for asset distribution. What you don't want is to leave your heirs in the dark, potentially sewing the seeds for family conflict and costly litigation.