Once people have taken the time to put in place all the legal documents associated with their estate plans, many pretty much put the whole issue to bed. That is not a wise move, according to estate planning experts. Arkansas residents need to revisit those plans as their lives change.There are some particular things in an estate plan, too, that bear going over every once in a while.
According to estate planning experts, splitting personal effects equally among beneficiaries may not be the ideal situation. Besides, when a person has a lot of personal items like jewelry, art work or valuable collectibles, it’s nearly impossible to divide them equally. Having a talk with loved ones could go a long way to avoiding hurt feelings and fights in the future.
A mistake attached to old estate planning documents may be that they weren’t drafted with any tax planning in mind. Trusts can be utilized for this purpose. Medical care directives written prior to 2001 need to be updated as well since Congress enacted rules that govern the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The individual making the estate plan will want to make certain that the person he or she has chosen to make health care decisions can, in fact, do so.
Estate planning documents are malleable. What good is a will when the executor named has died or if the testator has fallen out with a beneficiary, but didn’t change the will to reflect the relationship status? It is wise for Arkansas residents to sit down with an estate planning attorney from time to time to update their estate planning documents. As events change, so too should an estate plan.