We have covered many different facets of estate planning on this blog, but there are a number of other considerations to keep in mind with respect to your estate. For example, there are times when it may become necessary to review and modify your estate plan, whether a child was born, you have found yourself in a new marriage, you have relocated to another state, or a number of other circumstances have necessitated the revision of your estate plan. Moreover, there are a number of reasons why it is so crucial to make these revisions.
For starters, updating your will or living trust will allow you to have your assets distributed in accordance with your wishes. In life, many things can change and you may have a different outlook on how you wish to have your estate split up for various reasons. Moreover, updating your estate plan could help clear up confusion and reduce the chances of an estate-related dispute later on. Preventing a dispute can make this challenging time easier for your loved ones. Or, perhaps you have kids and need to make changes to your estate plan because you have decided that someone else is better suited to care for them.
Sometimes, people push off the revision of their estate plan because it causes anxiety or they feel like they are too busy, but it is smart to make necessary revisions in a timely manner. Our probate and estate plan section has more on reviewing an estate plan.