Is it time to update your estate plan?

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When residents of Georgia create an estate plan, it should be good for several years. However, you cannot allow an estate plan to sit unchanged from the time you write it to the time you need it. You should be making changes to your plan all throughout your life.

Forbes discusses some of the various reasons you may wish to update your estate plan. The first thing to note is that you do not actually need to wait for a big life change to edit your plan. In fact, even if your life remains the same, you may still want to revisit your plan every five or so years. In this way, you can ensure it is still accurate and in compliance with the local and state laws.

Most people start to make their changes when big life events occur. One example involves changes to your familial structure. This can include marrying or divorcing, remarrying, and adopting or having children. With any of these changes, you may want to alter who gets what from your assets. Another example involves financial changes. A big component of estate affairs is your financial assets. If you gain or lose assets, it is something you should report.

Finally, the law in your area may prompt you to make changes. If you move, this may require you to reevaluate your estate plan to make sure it is compliant with local laws. Even if you do not move, the laws in your area may change over time. It would, therefore, benefit you to keep an eye on them, review when necessary, and make changes where you must.