1. Read the plan!
Mistakes can happen when these documents are put together. When your plan is drawn up, make sure you go over it and correct any mistakes. Make sure the plan does what you intend. Ask questions about how the plan will work and ask for clarification on details you don't quite understand.
2. Update the plan!
Designate beneficiaries on your accounts and update them regularly. Have a password plan so a spouse or caretaker does not lose access to important accounts.
our plan each year. Events such as the birth of a grandchild, or downsizing homes, are good indicators that its time to change or update your estate plan. Tax laws also change so make sure your plan stays tax efficient!
3. Talk to loved ones about the plan!
Your whole family does not need to know all the details, but the family members in charge of the estate should know where important documents are kept. When unexpected health events occur, communication about what you wanted can help families cope during a difficult time.