After creating your estate plan, you may feel more at ease. However, you should understand this is likely not the end of your planning.
Once you have an estate plan in place, Business Insider explains that you must keep updating it and adjusting the plan as you experience changes in your life.
Talk with your family
You should make sure to let your family know your plans. While this may seem uncomfortable, it is rarely a good idea to spring your wishes on your family at the time of your death. This will leave your personal representative in a tough spot. Discuss your wishes, answer questions and resolve any issues proactively.
You should also outline your expectations for guardians of your minor children. Give them the information they will need or tell them exactly where to find it. It is especially important that you ensure the guardian is accepting of the position.
Update changes
You should review your beneficiaries often. Life brings a lot of changes, so you may need to remove people or add them into your plan as time goes on. Always make sure to update whenever you experience major changes, such as birth, death or divorce.
Fund trusts
If you have incorporated trusts as part of your estate plan, make sure that you fund the trust. You can name assets for the trust in your documents, but until you take the proper legal steps, there will be no funding. You need to make sure to change legal ownership to the trust in any applicable situations.
After creating your estate plan, there is still work to do to ensure that every component goes off smoothly when the time comes.
