The Importance Of Keeping Your Will And Estate Plan Updated
Estate planning is not a one-time thing. Your life, your family and your finances will change over time. You may welcome a new child into your family. You may get divorced. You may get remarried. You may become a grandparent. You may get a new house or other new property. It only makes sense that you update your will and estate plan accordingly.
If you have encountered a major life change or you simply want to adjust your estate plan because your goals have changed, you should talk to an attorney at Robertson, Oswalt, Nony & Associates in Little Rock, Arkansas. We can review your estate plan and help you make the updates you need. Contact us today to learn more.
How Often Should You Update Your Estate Plan?
Ideally, you should have a lawyer review your estate plan once every five years and even more frequently if you are retired. While you may not have encountered any specific changes that need to be addressed, regular review of your plan is still important because laws change. Our lawyers will make certain that you stay in front of those changes and that you continue to have the protections that you expect from your plan.
You should definitely have your estate plan revised any time you encounter a change such as:
- The birth or adoption of a child or grandchild
- Marriage or divorce
- The purchase of a new home or another major asset
- The purchase or sale of a business
- A move to another state
- Incapacitation of a beneficiary
- The death of a loved one
Perhaps you have new goals or new concerns that you would like to address in your estate plan. Maybe you are worried about your child inheriting a large sum of money and then spending it too quickly. Perhaps you are interested in leaving money to charities. Whatever the case, we can help you understand your options. We can revise wills, add or update trusts, create powers of attorney and other estate planning tools, and make any other adjustments that are needed.