The New Year is a Great Time to Update Your Estate Plan

Many of us begin the new year by thinking about changes we want to make in our lives. This year, I hope you’ll also think about the changes that took place in your life last year, and whether your estate plan should be updated to take these changes into account.

How do you know if your plan should be updated? Ask yourself the following questions:

  • Have there been significant changes to your financial situation since your plan was created? What about your health and that of your spouse?
  • Has your spouse passed away? Have you gotten remarried or divorced?
  • Are the people you chose to make medical and/or financial decisions on your behalf, if you become incapacitated, still willing and able to do so? Are they still the people you want making these important decisions, or should you choose someone else?
  • What about your loved ones? Maybe your son or daughter has gotten divorced or remarried, had children of their own, or experienced some other significant change that impacts what you would like to leave them after you pass away.

If changes like these have taken place since you created your plan, you may need to update it. After all, an outdated estate plan can actually be worse than having no plan at all. (Of course, if you don’t have an estate plan, the new year is an excellent time to make one!)

As always, I’m here to answer your questions and help in any and every way I can.

Until next time, take care…