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Find out why you should update your estate plan

On Behalf of | May 17, 2024 | Estate Planning

Have you ever updated your estate plan? It is something that many people forget to do. Some people do not know they have the option. Making changes to your will and other legal documents can be an important part of the process. The main purpose of updating your estate plan is to alter outdated decisions to reflect your current wishes.

FindLaw suggests that estate plans should be updated about every five years. However, there are several large events that people may experience that could change the intent of their estate plan. Here is what you should know:

Planning for your child’s future

If you have a child, you may think a lot about their future. Who will your children grow up to be? What career will they take on? And, often most importantly, what will happen after you pass away? You can make several changes to your estate plan in preparation.

For example, you could create a trust that would help fund their education, career or lifestyle. A trust is a good way to help ensure assets go to a beneficiary without any difficulties, such as taxes, disputes and probate.

Healthcare decisions

Many people overlook some of the features available to them when an estate plan is made. You can use an estate plan to help control your healthcare. With the use of a power of attorney, you can have a representative act on your behalf and control your financial and medical decisions if you become incapacitated. This is an especially important change to your estate plan if you recently were diagnosed with a severe illness.

You can reach out for legal help to discuss your estate planning options. Do not wait to alter an estate plan before it is too late.