You like to be prepared for anything that may come your way. You are a planner. You got your estate plan done years ago for this reason. When’s the last time you reviewed it, though? Many Georgia residents think an estate plan is a one-and-done thing, but in reality, it is something you may need to change multiple times throughout your life to ensure it always fits your needs.
How often should you review your estate plan?
It is wise to read through your estate planning documents every few years or after any major life event. Why? Personal circumstances change, as do state and federal laws. Maybe you got married, divorced, had a baby, gained or lost assets, or decided you need to change your executor, beneficiaries or guardian designations — all of these are reasons to update your estate plan. Maybe lawmakers have adjusted laws or tax guidelines limiting the protections your estate plan once offered — again, a good time to review and make sure your estate plan is up to snuff.
What if you aren’t sure if you need to make any adjustments?
If you look over your estate plan and aren’t sure if adjustments are really necessary, the good news is, you don’t have to figure it out on your own. You can turn to legal counsel who can review it in detail with you and address any issues that might be found.
A simple thing that can have significant consequences
Reviewing and, if needed, updating an estate plan is a simple thing to do that doesn’t take a lot of time. As failing to do this can have significant consequences, it is worth doing at least every few years, if not more often depending on life circumstances. Georgia residents can turn to an experienced estate planning attorney to get their estate plans together and keep them in good shape so that they, their loved ones and their assets are fully protected at all times in the event of their incapacitation or death.