After making your estate plans, it is crucial to revise them every couple of years. You shouldn’t wait to update your estate plans after any drastic event in your life.
That way, you will ensure that only the deserving parties get a share of your estate. Below is what you need to know about modifying your current estate plans.
What can trigger an update to your editing plans?
Have you recently divorced your ex-spouse? If you do not change your current will, they may still be entitled to your estate, notwithstanding the divorce. Other instances may include:
- Changes in the list of beneficiaries
- The executor is unable or unavailable to discharge their duties
- Changes in the size of your estate
- Variations in law that affect your existing estate plans, among others
Your estate plans are not limited to the will. Any advance directives you issued or powers of attorney you granted someone should be reviewed too if you are thinking of changing your estate plans.
Make use of the opportunity when you can
A lot of people only update their estate plans when something happens, but that’s not always wise. Instead, you should take proactive steps to ensure that your wishes are current. Doing so will avoid questions being raised about your capability to effect any changes to your estate plans.
Finally, it is important to be aware of all the options at your disposal. For instance, if a simple will cannot achieve your end goals on how you want your estate dealt with after you are gone, you need to explore the other options that will work for you.