Many people put off creating an estate plan because they don’t want to think about the end of their life. This is problematic behavior, as you just never know when your family members are going to need to the guidance and protection of the estate plan. We are here to help you learn about what tools you can use to make your wishes known.
One thing that everyone needs to remember is that a thorough estate plan isn’t something that you make once and then forget. Instead, you need to review it at least once a year. This gives you a chance to ensure that the terms of the plan still accurately reflect your wishes.
Additionally, you should also review your estate plan when you have major changes in your life. There are several things that fall under this category.
Basically, if your finances or family composition change, you should take a look at your estate plan. Here are some situations that should lead to an evaluation of the plan:
- Marriage or divorce
- Birth of a child
- Death of an heir
- Significant changes in wealth
- Shifts in assets
In all of those cases, there is a chance that the circumstances might necessitate some modifications to your estate plan. If you know that you need to change up your estate plan, we will help you to decide how to make these alterations.
Throughout the process, you have to remember that your actions now might stop your family members from fighting when you are gone. The more detailed your plan, the more likely that they will be able to get your estate distributed quickly.