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Why should you update your estate plan?

On Behalf of | Dec 13, 2021 | Estate Planning

Estate planning is often something that people put off because they might feel as healthy as they ever have done. Planning for the event of your death can seem like something that ought to be reserved for those who are older or unwell. However, this is far from the truth. 

Estate planning is a productive means of offering both you and your family financial security as well as a sense of stability. It is in your best interests to engage in estate planning as early as possible and to update it accordingly as your life progresses. Outlined below are some reasons why you should update your estate plan

Your needs change as you get older 

Perhaps you have made a will many years ago and believe that your estate plan is settled. The chances are that if you take another look, your needs will have changed. There are also a number of legal instruments that can be utilized to the benefit of your finances, health and tax interests. Every year, your financial situation is likely to change and so are your medical needs. Furthermore, tax laws are constantly being amended and updated. Your estate plan really needs to reflect all of these changes. 

New additions to the family 

Much like your financial situation, your personal life most likely changes on a yearly basis. Births, deaths and other significant events will adjust your views on who you would most like to benefit from your assets. Keeping your estate plan up to date will make sure that your final wishes are carried out as intended. 

Estate planning is a crucial process that can offer peace of mind to those who you value the most. When making plans for the future, it is important to recognize your legal rights.