Terry Turnipseed explains that an estate plan is one of the most important documents you will ever create. It outlines your wishes for your assets and how you want things to be handled after you die. But just like your life, your estate plan needs to be updated regularly to reflect your current circumstances.
Why is it important to update your estate plan?
There are many reasons why you might need to update your estate plan. Here are a few of the most common:
- Life changes: You get married, divorced, or have children.
- Changes in your assets: You inherit or purchase new property, or your investments change significantly.
- Changes in your beneficiaries: A beneficiary dies or you have a falling out with one.
- Changes in the law: The laws governing estate planning change from time to time.
What are the signs that you need to update your estate plan?
If you have experienced any of the life changes listed above, it’s a good sign that you need to update your estate plan. Other signs that you may need to update your plan include:
- Your plan is more than five years old.
- You don’t remember the last time you reviewed your plan.
- You’re not sure if your plan is still valid.
- How often should you update your estate plan?
Terry Turnipseed notes that there is no one-size-fits-all answer to this question. It depends on your individual circumstances. However, a good rule of thumb is to review your estate plan every five years or whenever you experience a major life change.
What are the consequences of not updating your estate plan?
If you don’t update your estate plan, it could have serious consequences for your loved ones. For example, your assets may not go to the people you want them to go to. Your loved ones may also have to deal with unnecessary legal headaches and delays.
How do I update my estate plan?
The best way to update your estate plan is to meet with an estate planning attorney. They can help you review your current plan and make any necessary changes.
Tips for keeping your estate plan up to date
- Keep your estate planning documents in a safe place where your loved ones can easily find them.
- Let your loved ones know where your estate planning documents are located.
- Review your estate plan regularly, even if you don’t think anything has changed.
- Updating your estate plan is an important part of protecting your loved ones and ensuring that your wishes are carried out. By taking the time to update your plan regularly, you can give your loved ones the peace of mind they deserve.
Terry Turnipseed explains that it is important to choose an estate planning attorney whom you trust and who is familiar with the laws in your state. You should also feel comfortable asking your attorney questions and getting clarification on anything you don’t understand.
