Estate planning is an important process that allows individuals to manage their assets and property during and after their lifetime. An estate plan typically includes a will, trusts, powers of attorney, and other legal documents that help ensure that your assets are distributed according to your wishes.
However, it’s not enough to simply create an estate plan once and forget about it. It’s crucial to review and update your estate plan regularly to reflect changes in your life and ensure that it still meets your needs and goals. Here are some reasons why updating your estate plan regularly is so important:
- Changes in Your Family Situation
Family situations can change over time, such as through marriage, divorce, birth, or death. If your estate plan doesn’t reflect these changes, your assets may not be distributed according to your wishes. For example, if you get divorced and don’t update your estate plan, your ex-spouse may still be entitled to your assets.
- Changes in Your Financial Situation
Your financial situation can also change over time, such as through the acquisition or sale of assets, changes in income, or retirement. It’s important to update your estate plan to ensure that your assets are distributed according to your current financial situation and goals.
- Changes in Laws and Regulations
Laws and regulations related to estate planning can change over time, and it’s important to ensure that your estate plan complies with current laws and regulations. For example, the tax laws related to estate planning have changed significantly in recent years, and it’s important to ensure that your estate plan takes advantage of any new tax planning opportunities.
- Changes in Your Health
Your health can also change over time, and it’s important to update your estate plan to reflect any changes in your health. For example, you may want to designate a different person to make healthcare decisions for you if you become incapacitated.
- Peace of Mind
Regularly reviewing and updating your estate plan can provide you with peace of mind, knowing that your assets will be distributed according to your wishes and that your loved ones will be taken care of in the event of your death. By working with an experienced estate planning attorney, Corey Szalai Law, PLLC, and reviewing your estate plan regularly, you can ensure that your assets are distributed according to your wishes and provide peace of mind for you and your loved ones.