f you fail to update your estate plan, your assets may be given to the wrong people. Updating is something that many people forget to do. Making updates can often be an easy process, with the help of an attorney. If you want to control your assets, take a look at the following information. If you have any questions, or if you’d like to review and update your estate plan, contact an estate planning attorney.
If you have an estranged family member, you may have a lot of stress and anxieties about the future. It can be difficult thinking about whether another family disagreement will occur. If you wish to have no contact with a family member, you likely also want to make sure that your assets aren’t going to be distributed to him or her.
Take a look at this example:
Susan, 39, created her estate plan early in life. She wanted to make sure that her family was always protected. When handling her estate planning affairs, she decided to designate her younger sister, Alicia, as the beneficiary of her life insurance policy. Several years later, Alicia began abusing alcohol. She not only became a raging alcoholic, but she also began to steal Susan’s belongings. Susan was forced to cut her sister out of her life completely. Unfortunately, she forgot to update her beneficiary designations. When Susan suddenly died a few years later, Alicia received her life insurance assets as well as a large portion of her estate.
If you’re not careful, this can happen to you! You need to make sure that all aspects of your planning are reviewed and updated on a regular basis. This will ensure that your wishes are always respected.
Check beneficiary designations.
Meet with an attorney to review your plan every 3 to 5 years.
If you experienced significant life changes, take the time to make updates!
Don’t put your planning aside for good, once it’s completed; update.
By taking a little extra care, you can ensure that your assets are given to the right people. If you have any questions, or if you’d like to update your estate plan, consult with a qualified estate planning attorney.