You create an estate plan with the idea that it’ll protect you, your loved ones, and your finances both now and upon your death. However, there’s something you may be overlooking: your estate planning needs can and probably will change as you age.
For this reason, it’s critical that you update your estate plan as necessary. Here’s what you should do:
- Review it: Review your estate plan from start to finish, ensuring that you fully understand the current conditions and what no longer suits you. This is typically all that it takes to pinpoint areas of concern.
- Take notes: There will be things that can stay the same. There will be things that may require your attention in the near future. And there will be things that you want to change right now. By taking notes, you can outline what’s working, what isn’t, and what to do next.
- Consider your options: It’s not good enough to simply pinpoint areas of your estate plan that need to be updated. You should also consider your options for doing so. For example, if you find that you need to name a new guardian for your children, consider why you’re making this change and your options moving forward.
Along with the above, there’s one last thing to remember: don’t delay. When your estate plan needs to be updated, there’s no good reason to sit back and hope for the best. You’re the only person who can make the necessary changes, so it only makes sense to take action as quickly as possible.
Do you need help reviewing your estate plan? Are you ready to make changes but unsure of where to start? Contact us to discuss your situation, learn more about your options, and decide what to do next. We’ll make sure that you end up with an estate plan that suits the needs of you and your loved ones, now and in the future.
- Navigating the Pitfalls of Beneficiary Designations in Estate Planning - February 22, 2024
- Estate Planning and Farming: Passing on the Family Farm - February 21, 2024
- Estate Planning with Entities - February 20, 2024