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What are some reasons why I should update my estate?

On Behalf of | Sep 30, 2019 | Estate Planning

Creating an estate plan is a smart move, but if you never update it, then it may not work as effectively as you want after your death. Any changes in your life can trigger a need to update your estate. You want to be sure that it reflects your current life, which may mean removing people or assets or adding people or assets. There are certain life events in Georgia that are good indicators it is time to do an update.

Forbes explains one of the best times to update your estate is when you have a major life change. This might include getting married or divorced, having a child, moving to another state or having a large change in your assets. You want to be sure the estate plan reflects your current life. This means that the heirs and administrators are still relevant and that you have accounted for all of your assets.

You also want to make changes if there is a change in a law that will impact your estate. A good example of this is if there is a tax law change that will have a huge impact on your estate as it is currently. You can make changes to help minimize that impact.

Another reason to make changes is if your estate is a few years old. It is a good idea to get into the habit of just updating it on a regular basis. This way, you will not forget to make changes when needed and you already have a system in place to review it and make changes as needed. This information is for education and does not constitute legal advice.