A lot of people are daunted by the estate planning process. When they finally find the motivation to create their initial plan, they make think the process is over, but this usually isn’t the case.
In fact, estate planning should be an ongoing process if you want to ensure that your plan is meeting your needs. When, exactly, do you need to revisit your estate plan to make changes?
Events that may warrant estate plan modification
Life changes occur all the time. Any one of them may be an event that triggers the need for estate plan modification. Here are some of the most common situations that may justify revisiting and changing your existing estate plan:
- Your marriage or divorce
- The marriage or divorce of a loved one
- The death of an heir or beneficiary
- The acquisition of a new asset
- A sharp increase in the value of an existing asset
- A changed relationship with an heir or beneficiary
- Changed priorities
As you can see, there are a lot of reasons why you may want to revisit your estate plan. And doing so can be critically important to the distribution of your assets. For example, if your loved one passes away but you fail to modify your estate plan, then part of your estate may pass on to someone whom you never intended to inherit in the first place. In other words, failing to update your estate plan could put your estate at risk.
Do you need a helping hand with your estate plan?
We know that estate planning isn’t a top priority for most people. But that’s why law firms like ours are here to help. By discussing your vision of the future for your loved ones and your estate with an estate planning attorney, you can rest assured that the legalities of it all will be taken care of in a way that you understand and approve of, thereby freeing up your time to focus on the other things in life that are important to you.