Beginning Of The Year Estate Planning: Does Your Estate Plan Reflect Your Life’s Circumstances?

The year is over, and this is a perfect time to take out your estate planning documents and review them. It is especially important to review your estate planning documents if any major changes have occurred this year. Did you get married this year? Did you get a divorce? Did you have a child or grandchild?

Is Your Estate Plan Updated?

Your estate planning document is not just something you fill out one time and forget about it. Your estate plan needs to accurately reflect your family’s needs and circumstances. If your estate plan has not been updated in years, it could be a disaster for your family. An outdated estate plan could be much worse than you not having an estate plan at all.

Sometimes people forget to update their estate planning documents to reflect what is going on at that time. If your estate planning documents are no longer accurate and you forget to update the documents, your final wishes will not be reflected in your estate planning documents.

Is Your Family Aware of Your Assets?

When family members are not aware of assets and properties that have been left to them, a large percentage of the estate will go away because no one ever claimed those assets or properties. This is one of the reasons why it is so important to make sure you leave your loved ones a list of things that you own. Not only should you leave a list of your assets and properties, you should also inform your loved ones of where those assets are located.

If you need to discuss your estate plan with an experienced attorney, contact us today.