Many people think about the future and choose to create an estate plan that passes their property to loved ones and future generations. They may make a will or set up a trust to guide the distribution of their assets.
However, people should keep in mind that estate plans need to be updated, especially as family circumstances or laws change. By conducting a regular review of wills and other documents, you can help to prevent future family conflicts and make sure your wishes remain effective.
What to consider updating
First off, people need to make sure their documents are up to date. Depending on when they drafted their will, they may have experienced many life changes that call for an update. Older wills may not include children or spouses that came along after the original document was written, or they may refer to items of property that have since been sold.
Even people in good health may benefit from a regular review of their will to make sure that it reflects their current assets and wishes for the future. They may also want to make sure specific items are included, especially if they have great sentimental value to a particular family member.
If people move to another state, they may also want to make sure that their will remains valid. States have different guidelines for a will’s legality, and people may want to work with a local attorney to ensure that their documents comply with state law.
There are also legal changes and beneficiary designation updates to consider. An estate planning attorney may help people in this regard as well, since it can be especially challenging to make decisions about this aspect of estate planning.