Why Let Your Real Estate Planning Attorneys Update Your Estate Plan At Least Once Every Year
An estate plan is an important tool that allows you to control what happens to your property and assets after you die. A well-drafted estate plan can also help your loved ones avoid probate court and the associated expenses. However, it's crucial to note that an estate plan is not a "set it and forget it" proposition.
You need to review and update your estate plan on a regular basis to make sure it still meets your needs and reflects your wishes. Here are four reasons why you should hire real estate planning attorneys to update your estate plan at least once every year.
Life Changes Quickly and Unexpectedly
You never know when a major life event is going to happen. Maybe you'll get married, have a child, or buy a new house. These types of events can have a big impact on your estate plan, so it's important to make sure that your plan is updated to reflect your current situation. Your attorney will ensure that your estate plan meets your needs and that your current goals have been embodied in the fine print.
The Law Changes Often
Estate planning laws are always changing, and it can be difficult to keep up with the latest developments. That's why it's important to let your attorney update it at least once every year to ensure that it complies with all applicable laws. Otherwise, your estate plan could be invalidated, and this could quickly escalate to your loved ones missing their inheritance. Thankfully, your attorney, who is up-to-date on all the latest changes in the law, will be dedicated to maintaining your estate plan as a legitimate document.
You May Need to Make Changes to Your Beneficiaries
As time goes by, you may need to make changes to your beneficiaries. For example, you may want to add a new beneficiary or remove an old one. You may also need to make changes to how your assets will be distributed among your beneficiaries. A planning attorney can help you make these types of changes as the need arises.
Your Executor May Need to Be Changed
If you've named an executor in your will, that person may no longer be able to serve in that capacity. For example, the executor may have died, become incapacitated, or moved out of state. If this happens, you'll need to name a new executor. That's where updating your estate plan comes in; your lawyer can help you make this change to your estate plan, ensuring that there's someone to carry out your wishes.
Having estate planning attorneys update your estate plan on a regular basis is important. These attorneys can help you ensure that your estate plan still meets your needs and reflects your wishes. Contact one to review your estate plan today!
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