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What to do after executing an estate plan

For New York residents and others, creating an estate plan is an ongoing event. After the paperwork has been drafted and executed, there are many tasks that still need to be completed. For instance, it may be necessary to make sure that a trust is properly funded and that the trust owns the items placed inside of it.

It is also important to know that beneficiary designations are handled outside of a will. Therefore, if they are not made properly, it can have a negative impact on an entire estate plan. At some point after an estate plan document has been crafted, it could become obsolete for a variety of different reasons. Generally, documents need to be altered because of a change to the tax code or because of a change in personal circumstances. For example, an individual may get divorced, have a child or otherwise be in a situation where estate plan needs have changed.

After an estate plan has been created, individuals should talk about its details with trusted family members. There should also be an easy way for family members or others to find key information about assets. Key information could include passwords to digital accounts or documents related to bank or other financial accounts a person had prior to passing.

Those who have created wills, trusts or other estate planning documents may need to review them periodically. This may be done with the assistance of an attorney. Doing so with professional help may make it easier to spot problems with a document or with the plan itself in time to correct them. An attorney may also help a person draft plan documents if necessary. With an estate plan, individuals may have more control over assets before and after they pass on.

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