Estate planning is one of the most important things you can do for yourself and your loved ones. It ensures that your assets are distributed the way you want and can also provide peace of mind in knowing that you have taken care of everything.
However, estate plans are not static documents – they need to be reviewed and updated periodically to reflect changes in your life or the law.
Reasons to update your estate plans
As your life changes, so do your estate plans. Reviewing your estate plan ensures that it still meets your needs and reflects your current wishes. Here are a few key reasons to review your estate plan:
- You’ve married, divorced, or had children since you last updated your will or trust.
- You’ve moved to a new state with different laws.
- You’ve started a business or acquired new property.
- You want to change the beneficiaries of your assets.
- You want to give someone else the authority to make decisions on your behalf.
Regularly reviewing your estate plan ensures that it accurately reflects your wishes and helps avoid potential conflicts among beneficiaries.
There are a few key things to keep in mind when you’re reviewing your estate plan, such as:
- Have your goals and objectives changed since you last updated your plan? If so, you’ll need to ensure your estate plan reflects those changes.
- Have there been any changes in the law that could affect your estate plan?
Updating your estate plan may seem daunting, but it’s essential to do from time to time. When you are ready to review and make changes to your estate plan, you will want to get legal advice to ensure that your estate plan is solid and will achieve your goals.