Your estate plan must be kept up to date to ensure it continues to meet your needs and achieve your goals. As you think about the changes you want to make in the coming year, I hope you’ll also reflect upon the changes that took place in your life last year… and whether your estate plan should be updated to take these changes into account.
To determine if your plan should be updated, ask yourself the following questions:
- Has your financial situation changed dramatically since your plan was created? What about your health, and that of your spouse?
- 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 to make these important decisions, or should you choose someone else?
- Have there been any significant changes in the lives of your loved ones? Perhaps your adult children had kids of their own? Maybe your son or daughter got remarried? Changes like these might impact what you would like to leave them after you pass away.
If changes such as these have occurred since you created your plan, you may need to update it. Also, if you don’t have an estate plan at all, the new year is an excellent time to make one!
As always, I’m here to answer your questions and help any and every way I can.
Until next time, take care….