The same reasons people need estate plans in the first place also means that periodically, it’s important to review your estate plan to make sure it still aligns with your needs, assets, and dependents. As you get further and further from that day you signed your estate plan, those goals, assets, and dependents might change, you must update your estate plan with these changes in mind as they come. In this blog, I’ll go over signs its time to talk to an estate planner and get your plans updated.
Reason 1: Changing Estate Plans Due to Age
Everyone ages: it’s the reason you got your estate plan in the first place. As is the case with many young families with estate plans, as your children grow, their needs and coverage from your estate plan might change. Also, the assistance they can provide on executing and administrating your plan might change as they mature and show their expertise.
Reason 2: The Number of Beneficiaries Might Change
If your children find significant others and marry, chances are you’re in for some grandkids. You may have also had more children yourself, or your brothers and sisters might have. People may enter your life that you want to add to your estate planning. The opposite is also true: the family may shrink if the unthinkable may occur to family members or friends. People may need more support due to health concerns. It’s important to update everything accordingly.
Reason 3: How Have Your Assets Changed?
The goal of estate planning is making sure everything is settled when you’re gone, and a large part of that is the distribution of your assets. From your personal wealth to the items you have bought with it, it’s important to have these explicitly divided among your beneficiaries to avoid disruption or friction during the probate process.
Concerned about mistakes you may have made with your current estate plan? Check out my post on the matter, Three Common Estate Planning Mistakes. If you have any questions or want to look to update your estate plan, contact us at Paula Smith Law Office today.
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