Why Everyone Needs to Keep Their Estate Plan Updated

As the world and its laws continue to evolve, everyone needs to keep their estate plans up to date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual's current legal and financial situation should be considered to create a comprehensive estate plan tailored specifically to their needs.

Ensure Your Wishes Are Respected

The primary reason to update an estate plan is to ensure that an individual's wishes are respected upon death. For example, suppose an individual has recently acquired valuable property or has had changes in family structure (such as marriage or children). In that case, updating the documents that outline how assets should be distributed is important. If the documents are not updated, this could lead to disputes between family members and legal complications when probate occurs. Additionally, if laws change at the state or federal level, those changes need to be incorporated into the existing estate plan to remain valid and effective.

Larry King’s Death Highlights the Importance of Updating Your Estate Plan for Divorce and Death—Part 1

Legendary TV and radio host, Larry King, died at Cedars-Sinai Medical Center in Los Angeles on January 23rd, 2021 at age 87. Larry was hospitalized in December due to COVID-19, but he’d recently been moved from the ICU to a regular hospital room after recovering from the virus. However, the famed broadcaster suffered from a number of other health conditions over the years, including multiple heart attacks, kidney failure, and diabetes, and he passed away from sepsis that was the result of an unrelated infection.

When to Update My Estate Plan

Is it time to update your Estate Plan.

There are two major mistakes in Estate Planning. The first is failing to have a plan at all; the second is failing to update it. Since no one has the crystal ball to forecast when your time will come, your plan should always be reflect your current circumstances, wishes and desires. Since life so fluid, these three elements are constantly shifting.