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Is it time to update your estate plan?

On Behalf of | May 1, 2020 | Estate Planning |

After Georgia residents create an estate plan, is that all there is to it? Though many people believe creating an estate plan is enough, that is not the case. The truth is, an estate plan needs updating. But when should you update it? 

Today we will answer that question. We will look at some of the most common reasons for updating estate plans. You can decide if these reasons fit your current situation. 

Familial changes and your estate plan 

Forbes takes a close look at reasons to update your estate plan. Many of these reasons involve changes to your life or finances. Needless to say, you want your estate plan to reflect your life in an accurate way. You do not want to give assets you do not have. You do not want any of your assets to remain unaccounted for. This is why financial changes make up one of the biggest reasons to update a plan. 

After that are familial changes. This includes adoption and giving birth to a new child. It includes divorce and marriage. It can also includes a loved one becoming financially dependent. This may happen through illness, injury or disability. 

Stay on top of changing laws 

Next are changes to the law governing estate plans. Laws may change because you move locations. Each city and state handle estate plans in different ways. If you move, check your local laws to ensure your estate plan is valid. Even if you do not move, check the law on occasion. You do not want to reference a law that is obsolete. 

Finally, know that you can update your estate plan whenever you wish. Most people wait until they need to because of life changes. But you can review your plan whenever and make changes for any reason.