Estate Planning- A Continuous Journey

Heraclitus , a Greek Philosopher wrote ''Change is the only constant in life.'' With every passing Day, we change our mind on decisions.

With Estate Planning, it's a continous journey in that amendments can be made to add or remove assets or beneficiary

WHEN TO REVIEW AN ESTATE PLAN

It is advised to review an Estate Plan at a regular frequency, This can be done annually, semi-annually, or quarterly.

For estate planning, specifically, the general recommendation is at least every three to five years or when there is a life event

It's a good idea to review and update your plan at life events instance:

1. Marriage, Divorce or death of spouse
2. The birth or adoption of a new child or grandchild.
3. Changes in beneficiary
4. Purchasing a home or other large asset
5. Large increases or decreases in the value of assets, such as investments
6. Death or change in circumstance of your executor or trustee

HOW TO REVIEW AN ESTATE PLAN

Two main documents used in Estate Planning are Wills and Trusts:

A.  Will: A Will is amended by a Codicil. A Codicil revokes, amendes, alters a Will.

The Codicil must be executed by the Testator following the same requirements for executing an original Will and then attached to the Will and Codicil is also lodged at the Probate registry

B. TRUST

A Revocable living Trust or a testamentary trust can be modified. Changes can be made by creating a Trust amendment. A Trust amendment can be accomplished by reducing the changes to writing, titling the document as a Trust amendment, executing and attaching it to the original Trust Deed.

BENEFITS OF REVIEWING AN ESTATE PLAN 

1. An Estate plan eliminates family messes
2. An updated Estate plan protects beneficiaries
3. Speedy and proper distribution of an individual assets
4. Privacy

Now that you know that you have your Estate Plan, there is a need to revise and edit it as time 

Share with everyone you know who needs and Estate Plan.