Most people underestimate the importance of a comprehensive estate plan. And even if you have a solid plan put together, how old is it?
An old, outdated estate plan does virtually no good. You’ve put your wishes in writing, but they’re out of date. If you die with an old estate plan it place, your current wishes won’t be carried out. It’s that simple.
A good estate plan should change and evolve as your life goes on. Your family and assets change, so should your legal plan.
My recommendation is to re-asses your estate plan at least every five years. You probably buy a car about that often. Why shouldn’t you check over your will, trust, etc?
In addition, you should also visit your estate planning lawyer anytime you cross a major life milestone. Events to consider an estate update include:
- Marriage
- Divorce (even just legal separation)
- Childbirth
- Adoption
- Death of family member
- Property acquisition (especially house, vacation home, etc)
- Major surgery
Don’t let your estate plan get old and dusty. Make sure it’s fresh and truly reflects your wishes.
If you need help, contact Andrew, your Fredericksburg estate planning lawyer.
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