Many people forget to review their estate planning on a regular basis. Unfortunately, not having an updated estate plan can create a lot of problems. While you may have already created essential estate planning documents, you need to make sure that your affairs continue to be in order by updating regularly. Take a look at the following information, to learn more. If you have any questions, or if you’d like to review and update your estate plan, contact an estate planning attorney.
- Your assets may be given to the wrong people. If you don’t make changes to your will, living trust, or other estate planning documents, your property distribution wishes may not reflect your current wishes. As you go through life, your wishes and goals may change. This also includes updating beneficiary designations for your life insurance, retirement accounts, pensions, and annuities.
- Your current needs may not be met. Have you recently gotten married? Are you about to welcome a new child into your family? As life changes, your estate plan needs to change along with it. It’s important to make sure that you’re protected at all times. If you don’t make updates, your family’s needs may be neglected and you may not have control over a situation such as who raises your children if you are unable to do so, or who makes health care decisions for you if you cannot make those decisions yourself.
- Your documents may not be honored. Law changes happen more often than you might think. If you don’t review and update, you may have a plan that no longer works. Additionally, if you’ve moved out of state, the laws may be completely different. You need to review and update so that you can have a solid estate plan that is legally valid and accepted by financial institutions and medical doctors.
If you’d like to begin reviewing your estate plan, consult with a qualified estate planning attorney.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018