When is it time to update your estate plan?

On Behalf of | Apr 3, 2020 | Estate Planning |

Georgia residents like you work hard on your estate plan. After you finish it, what is there left to do? Some people leave their estate plan as it is for years to come. But you should update your plan often. This way, you ensure it reflects your real-life circumstances.

Today we will look at estate plan updates. We will examine when the best times to update your estate plan is. We will look at the common reasons that drive people to update their own.

Changing your estate plan to suit family changes

Forbes looks at times in which you should update your estate plan. These times coincide with big life changes. For example, many people update their plans when their family dynamic changes. This could include marriage, divorce or adoption. It can even include discovering new things about known family members. What if you learn a dependent has a disability that prevents them from caring for themselves? You may want to include them in your estate plan.

Laws, assets and your estate plan

In other instances, the laws governing your estate plan may change. Laws are in a constant state of review, change and removal. You want to ensure that the laws your estate plan rely on are still in use. If you move to a new location, you want to check the laws there, too. Otherwise, you risk your estate plan being in noncompliance with local laws.

Finally, make sure your estate plan reflects your financial situation. This is true if you come into new money or if you end up in debt. You do not want to give away what you do not have. Likewise, you do not want assets sitting around unused.