4. The Monitoring Phase
Congratulations! You have your estate plan fully signed and in place!
Once you have signed all of the estate planning documents and have transferred any assets that need to be transferred and changed or added any beneficiary designations that are needed, you can relax and feel good about what you have done. You may not be able to decide when you die or if you will become incapacitated, but you have put into place a plan that reflect your decisions of what you want to have happen under such circumstances.
The only remaining task is to make sure that as your life and assets change that your estate plan follows suit. For this reason, estate plans need to be reviewed regularly. A good time to review your plan is after your annual tax return is prepared, since the financial issues and data collection are often contained in your tax returns. It is your responsibility to ensure that the estate plan and documents we prepared continue to reflect your estate planning goals.
We at Madge & Johnson, PC look forward to our alliance together to ensure that when the time comes your estate plan is there for your loved ones to use in carrying out your goals.