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Why you should regularly update your estate plan

On Behalf of | Feb 22, 2024 | Estate Planning And Administration

Estate planning might not be the most exciting topic, but to ensure your wishes get carried out and your loved ones receive the care you plan after you are gone, you need one. One common mistake people make is creating an estate plan and then forgetting about it.

However, you should revisit and update your estate plan regularly to reflect changes in your life and the law.

Life changes require plan updates

If you are one of the 33% of Americans with an estate plan, you may not understand how often it needs your attention. As life goes on, circumstances change. You might get married, have children, buy a house, start a business or experience changes in your health or finances. Each of these life events can impact your estate plan.

Laws and regulations evolve

Laws and regulations regarding estate planning are not static, and when they get updated, these changes may affect your estate plan. By regularly reviewing and updating your plan, you can ensure that it remains in compliance with current laws and regulations.

Protect your assets and minimize taxes

An outdated estate plan may not effectively protect your assets or minimize taxes. However, you can take advantage of new strategies or provisions that help preserve your wealth for your heirs. For example, you may want to explore options for reducing estate taxes or protecting assets from creditors.

Ensure your wishes get honored

By keeping your plan up to date, you can provide clear instructions for how you want your assets distributed and your affairs handled. This prevents confusion, disputes and potential legal battles among your loved ones.

Updating your estate plan is a small effort that can have a significant impact on your loved ones’ future well-being.