On behalf of Nicole Diaz of Patel & Dalrymple, PLLC posted on Thursday, August 23, 2018.
No set rule is in place for how frequently people who own assets in Virginia should review their estate plans. Nonetheless, there are a few basic guidelines that are wise to follow. Here is a look at these general guidelines for reviewing wills, trusts and other estate planning documents.
Ideally, those who have created wills and set up trusts should look at their documents at least every three years. This will help them to ensure that they are still in agreement with the provisions of the documents. For example, they can check to see if they would still like the parties they previously selected to be their trustees, powers of attorney or personal representatives to maintain these roles. In addition, do they want the same parties to receive their assets when they pass away?
In addition to completing their own estate planning reviews every three years, those who own assets may want to have an attorney review their plans at least every four years. An attorney can be helpful in this regard since estate planning laws are constantly changing. Updating an estate plan is also a smart move following big life events, such as a marriage, the birth of a baby or a change in one's financial status.
Setting up trusts and creating wills are not high on many people's to-do lists, as people generally do no want to think about the possibility of death. However, the reality is that death is inevitable and can strike at any time, so it only makes sense to be prepared. An attorney in Virginia can help those who own assets—whether they are many or few—to set up trusts or wills that will satisfy their current wishes in the event that they pass away.