After having everyone over for the holidays you’ve started to rethink some of the designations in your estate plan. Your son won the lottery, your sister has developed some questionable habits, and you’ve decided to move states. Big changes are happening, and it’s time to make coordinating updates to your will or trust.
Changes that Require Updates to Your Estate Plan
Updating your estate plan during the new year is an easy resolution to check off, and will help you start the year worry-free. Some examples of changes that require revisions are:
- An Addition to the family (marriage, birth, adoption, etc.)
- Changes with a guardian, beneficiary or personal representative
- Illness or disability
- A substantial increase/decrease in value of assets
When shifts like these happen, not making updates to your estate plan can lead to catastrophic inconsistencies with your goals. You wouldn’t want to leave assets to an ex-husband or have the wrong person in charge of dispersing assets, guardianship, or their own inheritance.
Take the Stress Out of Updating Your Estate Plan
Life transitions can also mean additional stress and scattered thoughts. Hiring an estate planning attorney can help you avoid any unnecessary mistakes or pressure while updating your estate plan. When you seek help from a lawyer specializing in wills and trusts, it will also add a layer of confidence that your wishes will be met.
If you’re in the Savannah, Georgia or Coastal Georgia area and would like help updating or creating an estate plan click here.