The many times to update your estate plan

Once you create an estate plan, it's easy to assume that you never again have to think about it. While it's not required that you review your estate plan in the future, you should get into the habit of doing so. You may discover a detail that needs your immediate attention.

Keep an eye out for these events

Events can unfold during your life that should prompt an estate plan review. These include, but are not limited to, the following:

  • The person you named as your beneficiary is no longer living
  • You need to add new people to your will, e.g., after giving birth to a child
  • Marriage or divorce
  • New federal or state laws are enacted that could have an impact on the provisions in your current estate plan
  • You need to add or change personal representatives or guardians for children under the age of 18
  • You acquire new assets or receive a bequest or an inheritance
  • There is a substantial decrease or increase in the value of your estate

If you don't run into any of these issues, you may assume that you can leave your estate plan alone for the time being. However, that can also be problematic.

The passage of time is reason enough to review your estate plan with the idea of making some changes. For example, the decisions you made when you were 40 years old may not make sense for you now that you are in your 60s and closing in on retirement age.

If you get into the habit of reviewing your estate plan once every year or two, you will not have to worry about missing out on a necessary and essential change.

It's good that you took the time to create an estate plan, but don't let all this go to waste by waiting too long to review it for potential changes.

If you discover that your current estate plan is no longer right for you and your loved ones, make a list of proposed adjustments and learn remain proactive about staying on top of changes that can affect the provisions you have made for your beneficiaries.

No Comments

Leave a comment
Comment Information
Email Our Lawyers

Contact Us To Find Out How We Can Help You And Your Family

Call 866-253-6994 or fill out the form below to set up a consult with J. Kevin Tharpe to
talk about your wishes and ways he can help you accomplish your goals.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Gainesville and Young Harris for your convenience.

Gainesville Office
405 Broad Street SE
Gainesville, GA 30501

Toll Free: 866-253-6994
Fax: 770-531-5511
Gainesville Law Office Map

Gainesville Office

Young Harris Office
1352 Main Street, Suite 1
Young Harris, GA 30582

Toll Free: 866-253-6994
Fax: 770-531-5511
Young Harris Law Office Map

Young Harris Office