Reasons that An Estate Plan Needs to Be Updated
Dec. 6, 2018
Many Myrtle Beach area residents have taken the time to create an estate plan. This is an important step in ensuring a person’s wishes are followed upon their death. But just because an estate plan has been created does not mean that’s the end of it. An estate plan needs to be regularly reviewed and updated.
One reason why an estate plan may need to be updated is if a move to another state has happened. Each state has their own laws regarding estate planning. Another reason to update an estate plan is if there is a new addition to the family, a divorce, or a death. It’s best to revise documents to incorporate the new family members or remove the people who are no longer in the family. If there is a significant change in assets, reviewing how property is divided can be a good idea. Another update that may need to be made is when beneficiary designations are not correct on a 401k or IRA. The designations on the plan are what is used for asset disbursement, not what is written in a will or trust. Finally, an estate plan may need to be updated if executors or trustees are no longer appropriate. Circumstances surrounding an executor appointment may have changed and updating who these people are is important.
An attorney who specializes in estate planning can help a person with their existing estate plan. They can spend the time reviewing the plan and update it according to their client’s wishes. They understand how important an estate plan is to a family and will make sure the plan their client has is thorough and appropriate for their situation.
Having an updated estate plan in place is important in making sure a person’s assets are distributed as they wish upon their death. It can be a blessing to a family who is grieving their loss in making the asset distribution a bit easier.