Often after people have gone through the process of creating an estate plan, including a will, they feel like they can check that off their to-do list, never to revisit it again. However, that can be a hug mistake. While you can feel a sense of relief and peace for getting it done, it doesn’t mean that your estate plan is good forever. Estate plans must be revisited and updated, because as your life changes, so should your estate plan.
Jefferson County Estate Plans Require Maintenance
As long as you have set a solid foundation with your original estate plan, then maintaining things will be painless and easy. You just want to periodically revisit things to verify that the wishes you laid out don’t conflict with any changes that have occurred in your life. Not only that, but you want to check in with an experienced estate planning attorney to make sure there haven’t been any changes in estate planning laws that could affect you and your situation.
Changing Relationships Require Modifications to Estate Plans in Golden, Colorado
When you first create your will, you divide your property out among people and organizations. You want to make sure that these entities are still relevant in your life as time goes on. Your relationships may have changed or certain people may no longer be involved in your life. We always recommend revisiting your estate plan any time you gain or lose a relationship that is directly related to a benefit in your will. If your will names beneficiaries who were minors when it was drafted, once they reach adulthood, you should revisit your estate plan, as they are no longer dependents and may not need any provisions related to handling the property.
Changing Estate Means Changing Your Estate Plan
Your estate can also vary. If you created your estate plan when your estate was modest, but has since grown, you may want to revisit. Similarly, if your estate has significantly shrunk over time, it may be cause for an adjustment. Whatever your situation, it’s important to revisit your estate plan every so often to make sure everything is still valid, legal, and appropriate.