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Estate administration is easier when plans are kept up to date

Estate planning, can’t it just be a one and done thing? Well, depending on one’s stage in life when it is completed, it is possible. But for those who get their affairs in order while still going through significant life changes, updating an estate plan every so often is a must. Not only will this help Georgia residents ensure that their assets and loved ones are protected, but it will also ease the estate administration process when it comes time to put the plan into action.

Reviewing estate plans is something that everyone should do from time to time. It is just a good habit to get into. It is particularly important for those who are considered wealthy. Such individuals have money tied up in various ventures and accounts. With frequent law changes, failing to update an estate plan means that one’s wealth may not be fully protected.

According to several studies, many accomplished business owners and members of wealthy families have estate plans in place. This is good. The bad thing, though, is that most of their estate plans have not been looked at in over five years. A lot can change in that time.

Estate administration does not have to be a difficult thing to get through. However, if an estate plan is not current, there may be disputes among family members about what is written in an estate plan and what the decedent really wanted. Georgia residents can help themselves and protect their loved ones and their assets by modifying their estate plans as often as needed with the assistance of legal counsel.

Source: Forbes, “Why Continuous Estate Planning Is Essential For The Rich And Super-Rich“, Russ Alan Prince, Sept. 6, 2017

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