Would you like your current estate plan to be implemented as it is? If you are not sure or have some changes in mind, you may need to overhaul your existing plans. You are the only one who can dictate how your estate will be dealt with after you are gone, and you need to be on top of things.
It is advisable to do so regularly to avoid your estate ending up in the wrong hands. Ideally, if there have been any significant changes in your life, you need to reflect them in your estate plans. That way, you will make sure that the safe passage of your assets and property is guaranteed after you are gone.
Below are such instances.
Changes in your list of beneficiaries
Do you want to remove or include new beneficiaries in your estate plans? Then you need to revise your current arrangement to accommodate the changes you have in mind. Changes to the beneficiaries may also be brought about by some events like divorce, whereby you have to readjust the estate succession plans you had in place in light of the current state of affairs.
Changes in tax laws
A lot may have changed regarding the taxes applicable to your estate, which is why you need to have an eye on the current tax regime. Such changes may affect your estate, especially if the new taxes amount to a substantial sum. In such a case, it is advisable to explore all options and settle on the one which protects your estate.
You need a new executor
If the person you intended to execute your estate wishes is no longer in a position to, you need to replace them. Given that they are charged with fulfilling your last desires, you want someone who is capable and that you can trust to do the job.
The bottom line
With a solid estate plan that protects the interests of your beneficiaries and the estate at large, you can rest assured that the whole process will run smoothly. On your part, you need to ensure that everything is current and in line with how you would have wanted everything to play out.