For many residents in Oklahoma, considering end-of-life needs is not an activity of choice. Getting information and family together for a single discussion on estate planning can be difficult, which means regular review of estate documents isn't a top priority for many people and families. Still, experts recommend that you review wills and other estate planning documents periodically to ensure no changes are necessary.
The first reasons to review your documents periodically is that life is not stagnant. Things change and people come in and out of your life. You may want to add someone to your will, change the beneficiary on life insurance or trust documents, or remove someone from your estate plans. Reasons to review for beneficiary changes might include a death in the family, a divorce, a marriage, or a birth.
Individuals who create trusts or other estate documents earlier in life should review executor, guardianship, and power-of-attorney designations from time to time. A will written 30 years ago may name an executor who is no longer alive; family relationships may have changed over time and individuals might want to change who has control of their money or health in old age.
People aren't the only changes that occur over the years. Throughout your life, you will acquire and lose assets. Your will and other documents should be changed to reflect current property. Laws also change, and estate documents should be updated to reflect current tax and estate law. Have documents reviewed professional for legal compliance periodically, and also review documents for necessary changes when you change states. The laws in your old state may not be applicable in your new state.
Source: Explorer News, "Six reasons to take a fresh look at your estate plan" No author given, Jun. 25, 2014