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Chapter 4. Estate Planning > Now That You Have a Plan

Now That You Have a Plan

Estate planning is not static. You should review your documents whenever there is a major change in the law or a major change in your own personal or financial circumstances. Some of the changes in personal circumstances that would warrant a reconsideration of your estate plan include the death of a named beneficiary or the divorce of you or a named beneficiary. As a rule of thumb, it also is a good idea to revisit your estate plan every five years.

Having all of your documents in order is of little help to your family if they do not know where the operative documents are located. It is important to have a document location list that provides a precise indication of the whereabouts of your estate planning documents, such as your will, Durable Power of Attorney, Health Care Proxy, life insurance policies and retirement beneficiary designations. Just preparing such a document (see the Document Location form in the back of the book) will go a long way toward helping you organize your plan for yourself. Once this has been done, make sure that the appropriate people know where these documents are located and how to get access to them.


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