What Needs to Be Reviewed in an Estate Plan?

Home » Blog » What Needs to Be Reviewed in an Estate Plan?
May 24, 2022 •  The Estate & Elder Law Center of Southside Virginia, PLLC
Here are some important parts of your estate plan that should be reviewed.
Robert W. Haley, managing lawyer
Robert W. Haley
Certified Elder Law Attorney® Robert W. Haley brings over 27 years of legal expertise and knowledge to his firm, which concentrates solely on the areas of elder law, estate planning (Last Will & Testaments, Durable Powers of Attorney, Health Care Powers of Attorney, Living Wills, Trusts, etc.,.) Asset Protection/Medicaid Planning and fiduciary services. For many years, Robert practiced in real estate law, and in general practice, but decided to narrow his focus to elder law and estate planning when he realized the tremendous need for proper planning to be filled in Southside Virginia.

When it comes to drafting a will and other estate planning documents, note that you probably should revisit them many times before they actually are needed, advises, CNBC’s recent article entitled “Be sure to keep your will or estate plan updated. Here are 3 key reasons why.”  But what needs to be reviewed in an estate plan?

You should give these end-of-life legal papers a review at least every few years, unless there are reasons to do it more often. Things like marriage, divorce, birth or adoption of a child should necessitate a review. Coming into a lot of money (i.e., inheritance, lottery win, etc.) or moving to another state where estate laws differ from the one where your will was originally drawn up, mean that you should review your plan with an experienced estate planning attorney.

About 46% of U.S. adults have a will, according to a 2021 Gallup poll. If you are among those who have a will or full-blown estate plan, below are some things to review and why.

Even though your will is all about you, there are other people you need to rely on to carry out your wishes. This makes it important to review who you have named to be executor. He or she must liquidate accounts, ensure your assets go to the proper beneficiaries, pay any debts not discharged (i.e., taxes owed), and sell your home. You should also be sure that the guardian you have named to care for your children is still the person you would want in that position.

As part of estate planning, you may create other documents related to end-of-life issues, such as powers of attorney. The person who is given this responsibility for decisions related to your health care is frequently different from whom you would name to handle your financial affairs. You should look at both of those choices.

Even if you have experienced no major life events, those you previously chose to handle certain duties may no longer be your best option.

Remember that some assets pass outside of the will, including retirement accounts like a 401(k) plan, IRAs and life insurance policies. This means the person named as a beneficiary on those accounts will generally receive the money no matter what your will states. Bank accounts can have beneficiaries listed on a pay-on-death form, which your bank can supply.

If a beneficiary is not listed on those non-will items or the named person has already passed away (and there is no contingent beneficiary listed), the assets automatically go into probate.

Want to have a further discussion on what needs to be reviewed in an estate plan? Book a call with one of our staff members! We have offices in Bassett, Danville, and Lynchburg to better serve you.

Reference: CNBC (Jan. 27, 2022) “Be sure to keep your will or estate plan updated. Here are 3 key reasons why”

Suggested Key Terms: Estate Planning Lawyer, Wills, Inheritance, Guardianship, Executor, Personal Representative, Power of Attorney, Probate Attorney, Beneficiary Designations, Life Insurance, IRA, 401(k), TOD (Transfer on Death), POD (Payable on Death)

Book an Initial Call
Speak With Someone
Schedule an available time to speak with us. We look forward to meeting with you!
Book an Initial Call
Client Success Stories
Google Reviews
Lynchburg Virginia Office

810 Main Street, (3rd Floor of the Truist Building)
Lynchburg, Virginia 24504

Danville Virginia Office

109 Bridge Street, Suite 104 (First floor of the Spectrum Medical Building)
Danville, Virginia 24541

Bassett Virginia Office

1460 Fairystone Park Hwy,
Bassett, Virginia 24055

Integrity Marketing Solutions - Estate Planning Marketing
Powered by
magnifiercrosschevron-down