An estate plan requires careful consideration to ensure the distribution of your assets according to your wishes after you are gone. However, your evolving circumstances may require you to reconsider some of your choices.
These are some reasons you need to review or adjust your estate plan periodically.
Significant changes involving your family warrant a thorough review of your estate plan. For example, suppose your current plan names your adult children and their spouses as primary beneficiaries. You may want to adjust your beneficiary designation if one of your children goes through a divorce. A revision is also necessary if you have a new spouse or are going through a divorce.
In addition, you may want to add beneficiaries and establish trusts as new children and grandchildren are born into your family.
You may acquire additional assets since the creation of your initial estate plan. For example, if you purchase a new or second home, you consider placing it into a revocable trust to ensure it bypasses lengthy and costly court probate proceedings.
You should review your estate plan if you or a family member receive a long-term illness diagnosis. For example, you may want to change your beneficiary designations to ensure that you meet your child’s special needs after you die. Also, you may need to use your assets to pay for your health care.
A beneficiary’s death
It is necessary to update your estate plan when any of your beneficiaries pre-decease you. Otherwise, failing to update your will before you die leaves Georgia’s succession laws to determine alternate beneficiaries who may not reflect your wishes.
Although creating an estate plan is essential for controlling your assets, you risk losing control if you neglect to review your plan periodically.