Death is an inevitable truth. However, it’s in our hands to prepare our loved ones for the future. Drawing an estate and trust will in advance is one of the best ways to be ready for such scenarios. Estate planning is never an easy task. The entire estate planning process and everything involved in it requires difficult decision making. Hiring an estate planning law firm Virginia Beach doesn’t only make the whole process more comfortable. It also takes the burden off the person.
If you think the estate planning task is over once you have signed the will, you are mistaken. There are a lot of things one must do after preparing and signing their documents.
In this blog, find out everything about reviewing and storing a will after signing.
How should a Will be stored?
After a person’s demise, the family is required to file the original last will and testament with the District of Columbia Superior Court, Probate Division.
It is common for people to store their essential documents in a safe deposit. However, after the passing away of the owner of the safe deposit box, the family can’t access the box without the court’s involvement. When the deceased person hasn’t discussed who to be nominated as Personal Representative, there can be confusion and dispute amongst the family and friends. Estate planning attorney Virginia Beach often handles these disputes and issues.
How often should I review the documents?
Once you have prepared the estate planning documents, you must review them every three to five years. Besides this, one must go through their will if they have undergone a significant life event. If you have recently married or divorced, become a parent, purchased or sold your property, or moved to another region, review your estate planning.
Probate laws and tax laws keep changing with time. These changes can significantly affect the terms of your will. The key to ensuring your estate’s smooth management even after you are gone is keeping the estate planning documents up-to-date. Estate and will lawyers are proficient at devising flexible estate planning that can accommodate any changes and requirements that you or your family may have in the future.
How are the assets coordinated?
Preparing and signing the estate planning documents are only the initial steps to preparing for any adverse scenarios. One must also coordinate the ownership of the assets and designate the beneficiary. For instance, merely creating a revocable living trust is not enough to manage the assets. Retitling assets is essential for it to be governed by the provision laid by the trust. If your estate plan remains unfunded at the time of your demise, it will get annulled.
When it comes to estate planning and management of assets after one has passed away, people should plan in advance. We all want our successors to live in comfort even after we are not there to care for them. A well designed and up-to-date estate planning documents can be the best way to ensure your assets are managed and administered by your surviving family.