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What are signs you should modify your estate plan?

On Behalf of | May 21, 2020 | Estate Planning

When Georgia residents create an estate plan, too many fall into the trap of thinking that is all there is. In reality, you cannot just create an estate plan and leave it. This plan must reflect your most recent life circumstances. Many people wait until specific times in their life to alter their plans. 

So what are some of the signs it is time to modify yours? Today we will look at the answer to this question. 

Life changes indicate it is time to modify 

Forbes discusses some signs that it may be time to revisit your estate plan. Have you had any recent life changes? In most cases, these changes spur people into updating their estate plan. Let us look into some of the most common life changes. They include changes to finance, familial structure and local law. 

Financial information is one of the first things to update your plan for. After all, the estate plan addresses what you want to have done with your assets. This means it should be an accurate representation of the assets you have. Did you lose any money in recent times? Did you gain any? Be sure your plan reflects your current financial situation. 

Making estate plan changes for family 

With familial changes, it is very similar. Your estate plan addresses who you want to leave assets to. If you divorce a spouse, do you still want to leave them assets? Most people would say no, which means they have to remove the ex-spouse from their plan. The reverse is also true. If you marry or remarry, you want the spouse included. 

Finally, local laws change all the time. Make sure your estate plan addresses laws that are still in effect. You do not want your estate plan referring to antiquated laws, as this may cast the plan into doubt.