Estate planning is hard for most people. Not because the process is enormously complicated, but because it’s hard to come to terms with one’s own mortality. Those who do take the important step to create an estate plan often feel a great sense of release knowing that they have their affairs in order. While this is certainly a big step, these individuals should be careful not to view estate planning as a one -ime goal to be accomplished. Instead, they should see it as an ongoing process that needs revisiting from time-to-time.
Know when to modify your estate plan
One of the guaranteed things in life is change. Some change is good. Some change is bad. Both can have a big impact on the effectiveness of your estate plan. If you neglect to revisit and modify your estate plan, then, your assets could end up falling into the wrong hands, or you could inadvertently leave loved ones out. So, here are a few life event that might warrant modifying your estate plan:
- Your own marriage or divorce
- The marriage or divorce of a named beneficiary
- The birth of a child, grandchild, or great-grandchild
- The death of a beneficiary
- The acquisition of new assets
- Changes to the law
- Your wishes for who you want to inherit have changed
- Beneficiaries’ needs have changed
Of course, there may be other reasons that justify revisiting your estate plan. The key is to simply be aware that everyday changes in life may affect your estate plan.
Get help when needed
We know that people like you are busy living life and don’t necessarily have the time or want to take the time to think about death. But estate planning is about taking care of your loved ones and your assets. Also, you don’t have to take the time to deal with all of this on your own. Instead, you can work closely with an experienced estate planning attorney to ensure that you estate plan suits your needs and sets your loved ones up for the future that you envision for them.