Creating an estate plan can help Colorado residents maintain control over assets and help to make sure that their final wishes are respected. However, it is important to review an estate plan regularly to ensure that it meets a person’s needs in the years and decades after it is first created. Ideally, a person will review a will, trust or other plan documents after major life events such as a marriage or a death in the family occur.
If estate tax laws change, it may also be a good time for an individual to review his or her current plan. Even if nothing changes, it can still be worthwhile to take a look at plan documents once a year or once every two years. Individuals are encouraged to make physical or digital copies of their wills or other important records to ensure that they aren’t lost or damaged.
It is a good idea to keep extra copies separate from the original versions of a will, trust or power of attorney documents. A person should tell family members, beneficiaries and his or her estate representative where these documents are located and how they can be accessed. Those who have trusts should notify their trustees about the location of any information needed to do their jobs properly.
An estate planning attorney may be able to help a person learn more about how to create and review existing plan documents. If any changes need to be made, a legal professional can help an individual do so in accordance with state law. This may prevent a legal challenge or other problems that may make it harder to transfer assets to beneficiaries or close a probate proceeding in a timely manner. If necessary, an attorney may act as a trustee or estate representative.