Estate Plan Maintenance
If you have already created an estate plan, you might think you are all set for the future. However, estate plan maintenance is necessary to ensure your existing plan continues to help you meet your goals. Maintenance can also address changes in your financial situation, home environment, assets, and more.
The estate plan maintenance attorneys at PJI Law can review your current documents and make updates as needed, or ensure that your trust is properly funded. Our team is detail-oriented while also seeing the big picture with estate planning. Thus, we can help you develop a plan that will allow you to reach your personal and financial goals. Then, we will be by your side in the future if you need an additional review or update. Contact our firm today to discuss your existing estate plan and the changes you have experienced. Then, we can develop a customized strategy for you.
Estate Planning Components That Require Maintenance
While all aspects of your estate plan require regular reviews and maintenance, some are more critical than others. At the very least, you need to stay on top of your:
Our Northern Virginia estate plan maintenance attorneys can review these and other documents and assist you with updates. Reach out to us today to schedule a consultation.
Reasons for Maintenance
When you made your estate plan, it was based on your current situation while also anticipating future needs. Because of that balancing act, your estate plan needs to be updated if you have experienced a significant change in circumstances. For instance, if you have acquired more wealth, you might need to upgrade your plan or add more beneficiaries. At the same time, you might need to adjust your plan after your children reach the age of 18 or your health begins deteriorating.
In addition, if you have a trust, you want to make sure that any new assets you are acquiring are being properly funded into the trust. Finally, estate plan maintenance is necessary to address new goals and preferences as you grow older. What you valued years ago might not be the same as what you value today. Thus, your estate plan needs to evolve with you.
Learn more about the importance of the process by contacting an estate planning maintenance attorney at PJI Law. Then, we can review your plan and make recommendations.
Estate Plan Maintenance When Relocating
Estate planning laws and guidelines vary from one state to the next. Thus, if you have an estate plan in one state, it might not be valid if you relocate. If you have recently moved to Virginia or plan to do so in the near future, it is important to consult with an estate plan maintenance attorney.
Our firm can review your current estate plan to ensure it meets Virginia’s requirements. If it does not, we can update it so it complies with the law. If you fail to make the necessary changes, you might discover your estate plan does not offer the protections you had hoped for when creating it. Thus, contact our firm to discuss updating your estate plan after relocating.
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Maintaining a Digital Estate Plan
Technology has taken over the world, meaning there is now another aspect of estate planning and maintenance. You have to be sure that someone can access your digital accounts and assets if you pass away. Thus, our firm will help you ensure electronic access as part of your estate plan maintenance. We will conduct a comprehensive review of everything from your digital estate planning documents to online banking accounts. We can also discuss safekeeping strategies for your digital estate plan so it does not get into the wrong hands. Our innovative firm uses the latest technology and is well-versed in the digital aspects of estate plan maintenance. Thus, contact us today to discuss the next steps.
How Often Do You Need Estate Plan Maintenance?
If possible, it is beneficial to undergo a review of your estate plan every year. However, you need to review it at least every five years and immediately after a major life event. For instance, you should visit an estate plan maintenance lawyer after marriage, divorce, retirement, relocation, or health concerns. If you are unsure if you need to update your estate plan, contact our firm to discuss your situation. We can help you decide if now is a good time to work with an attorney from our firm.
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