The biggest mistake that people make in terms of their real plan is that once they have completed it they do not see anymore. Estate plan should not be regarded as permanent. Life changed, and so should your estate. With this change, the conditions and the desire for change too. Estate plan should be reviewed at least every two to three years to keep it current with important changes in your life.
If something big happens, your plan should be reviewed immediately. Examples of major life changes will be: birth, death, marriage, divorce, disability of you or beneficiaries, a major increase or decrease in the net value of your or the beneficiary (especially guardian, executor, or trustee), substantial changes in the types of assets , purchase or sale of a business, change of residence to another state, changes in tax laws, changes in health, pension, and inheritance. You can hire estate planning attorney in Chandler for getting more knowledge about estate planning.
If you have children the most important aspects in your estate plan should trust the two of them should you and your spouse die. If you do not specify a guardian then the court will choose one for you. Make sure you ask for a guardian and not just assume they will take on this responsibility. Also, consider setting up a trust for your children to make sure they are taken care of.
You can also make your children beneficiaries of life insurance policies or giving them joint ownership of property. All will provide monetary care for them. With adult children, you need to replace the trustee and trust with power of attorney or executor if you choose.
A common misconception is that your spouse is automatically considered to be the executor of your estate. This is not true. You should set your spouse as executor in your plan. If you are divorced, you will need to repeat your estate plan.