Is it Time to Update My Estate Plan? Taking the time to create an estate plan is an important part of life. It’s also important to make sure that your plan continues to meet your needs throughout your lifetime. This is why it’s beneficial to review and update your plan on a regular basis. We often have clients who are unsure when it’s time to make changes to their planning. We’ve outlined important information below to better explain when it’s important to make updates. If you have any questions, or if you’d like to review your estate plan, contact an estate planning attorney. If you haven’t looked at your planning in a few years, now is the time to do so. Everyone should review their plan every 3 to 5 years. Your attorney will be able to walk you through a review to make sure that your plan still meets your needs. If changes need to be made, your attorney will advise you on what needs to be done. The 3 to 5 year updates catch ordinary changes in your life, finances, and goals. They also catch changes in the law and your attorney’s experience. Life changes may require you to update your plan sooner. Take a look at some of the reasons for planning changes below: Marriage/remarriage Divorce Welcoming a new child New financial circumstances such as a new business or significant change in assets Death of a beneficiary or trusted helper Out of state move If you don’t make changes in the above circumstances, your current wishes may not be respected and your plan may not work. The wrong people may be given your assets and you may not fully protect some of your loved ones. In other works, you may have a plan that is no long effective! Don’t neglect your estate planning. Make sure that you make regular reviews and updates so that you have the best estate plan possible. Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers estate planning and business planning resources to residents of Mobile AL. To learn more about these free resources, please visit www.epattorneys.com today.
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