Although many people in the Lee County area, and elsewhere, still don’t have an estate plan in place, there are many others that do. Having an estate plan to help one’s heirs is always a good idea, which is why many people prepare estate plans. However, even those who already have a plan on paper should not feel like their work is done. It’s always a good idea to review and rework your plan.
There are several reasons to keep one’s estate plan updated. Many times when plans are older people’s life circumstances can change, which can lead to problems when a person dies. These problems can even turn very heated among a person’s heirs, especially when the person who has died had a lot of money and other assets. Although these kinds of disputes do happen they actually can be easily avoided with the proper plan in place.
So when is the best time to review and update one’s estate plan? There are two common situations life that are logical for making changes. Whenever somebody experiences a significant change in his or her life, like a marriage, divorce, a new child or a new business, that is a good time to reconsider one’s estate plan. Another good reason to review an estate plan is to keep up with the always-changing tax laws, which can happen every year.
There’s no question that having an estate plan is a good idea for everyone. If you don’t have an estate plan in place, or it has been a few years since you’ve updated it, then now might be the right time to meet with an experienced estate-planning attorney for help.
Source: Forbes, “Why you should update your estate plan,” July 3, 2014.