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Is it necessary to update an estate plan?

On Behalf of | Jul 19, 2023 | Estate Planning

One of the things people don’t always realize when making an estate plan is that their plan can be updated. While an estate plan isn’t at risk of expiring, an out-of-date estate plan may make your wishes unclear for your executor and heirs.

Some people schedule to update their estate plans every few years. But, there may be a few reasons to update your estate plans early. Here’s why:

Including your spouse in your estate plans

Did you recently get married? Your spouse may be expecting you to add them to your estate plans. Maybe you wish to make the distribution process of your estate a little easier by having your spouse inherit everything. Or, you may name your spouse as a power of attorney so they can manage your health and finances on your behalf after you’re incapacitated.

Setting up your grandchildren for success

Maybe you have grandchildren. You may already have plans for your children to inherit from your estate. But, you could set up a generation-skipping trust so that your grandchildren can take part in your assets. You could create this trust so that it can only be used for college or starting a business.

Creating a business succession plan

Speaking of businesses, if you started a business, then you may wish to keep it in the family. You could create a business succession plan so that your children would be in charge of what happens to your business after you pass away.

Estate planning is a life-long process. You may need to be reminded of your legal options as you revise your estate plans.