It is no secret that a lot of people procrastinate about any number of things, and this tendency certainly shows itself when it comes to estate planning. For most people, thinking about death is something that is low on their list of priorities. So even if you recognize that you should have estate planning documents in place, you may decide you have plenty of time to take care of it at a later date.
Because of this, many people who do finally take action and create an estate plan often tuck it away for safekeeping and forget it. Unfortunately, events occur that can make your existing estate plan out of date. Some of these things are specific to you and your family, such as changes in beneficiaries, changes in your financial standing, and changes in marital status. Others are outside of your immediate control, including fluctuating market conditions, changes to the tax laws,and other legislative changes that impact estate planning issues.
When you first put an estate plan in place you should leave the estate planning attorney’s office with the knowledge that you’re probably going to have to make adjustments over the years. If you know that an update is necessary but you put it off, you could wind up placing some of the people that you love in a very difficult situation should the unthinkable take place suddenly and unexpectedly.
Because you never know what tomorrow will bring, consider reviewing your estate plan periodically and updating it as necessary so it always reflects your current situation.
Latest posts by John Potter (see all)
- Our Ashland Trust Attorney Explains How a QTIP Trust Works - February 18, 2019
- What Happens If I Leave Assets Out of My Living Trust? - February 15, 2019
- What are the Advantages of an Irrevocable Trust? - February 14, 2019