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Making an estate plan is important, and it is typically wise to do this well in advance. People pass away unexpectedly every day. If you procrastinate estate planning, there is a chance that you could leave your family with no plan at all.
At the same time, people are sometimes concerned that making an estate plan too early means that it’s going to be outdated. The plan works today, but what if they pass away 20 years from now? That plan isn’t going to reflect their family situation or their financial assets. So what should they do?
When assets change
The good news is that you can always update your estate plan. One important time to do this is if you have sold or acquired any major assets. These could include things like a family business, a home, a retirement fund, a life insurance policy and much more.
When your family changes
In some cases, your beneficiaries and family members could also change. Maybe you’ve listed someone as a beneficiary, but they passed away before you did. You need to remove them and allocate the correct assets to someone else. You may also want to remove a beneficiary for another reason.
When your relationships change
Finally, any time that your personal romantic relationships change, it may be wise to update your estate plan. This includes when you get married, when you get divorced and if you enter into a second marriage. It also includes the birth of children or grandchildren.
These are not all of the times when you should update your estate plan, but they do help you see just how important it is. Take the time to carefully consider all of your legal options. Call or contact us for your free initial consultation.
