Taking the time to create an estate plan is an important and necessary part of life. Many people create their plan because they understand the importance of being prepared during their lifetime, and after death. An estate plan is only effective if some of the most common mistakes are avoided.
Take a look at the information below to learn more. If you have any questions, or if you’d like to create your estate plan, meet with a qualified estate planning attorney.
When was the last time that you met with an estate planning attorney?
Many people meet with an attorney to do their planning. Some people haven’t met with their estate planning attorney in YEARS. An estate plan is not something that should be completed once during your lifetime, and then forgotten about. If you want to make sure that your estate plan reflects your current wishes, you may need to make updates!
When should I review and update my plan?
You should review and update your plan every 3 years. If you experience life changes such as divorce, marriage, remarriage, birth, or death, you may need to make updates much sooner. You should also update your plan if your assets change significantly. If you’re unsure whether you need to update your plan, ask a qualified estate planning attorney.
What happens if I don’t update my planning?
If you don’t update your estate plan, your current wishes may not be followed. This may mean that the wrong people are given your assets. It may mean also mean that there could be further tax consequences or financial errors. There is no point in creating an estate plan and then not having a plan that works!
If you have yet to review or update your estate plan, now is the time to do so. If you have any questions about your estate plan needs, consult with a qualified estate planning attorney.