Why You Need an Estate Plan Review After Major Life Changes

Major Life Changes Call for an Estate Plan Review

According to a survey conducted by the American Association of Retired People (AARP), around 6 in 10 American adults have no will or other estate planning documents. And even among those who do have these legal documents, many are still vulnerable. Primarily, because they  haven’t done an estate plan review. Thus, they have an estate plan that is out of date.

I continue to encourage every adult to put an estate plan in place. I also encourage a regular estate plan review and update when necessary.

What always requires an estate plan review – and update – is any major life event.

These include deaths, major illnesses, divorces, births, major financial changes, changes in priorities, and retirement.

Life is full of changes. Some of those changes will be predictable while others are completely unpredictable. Keeping this in mind, it’s important to think of your estate plan as a set of “living” documents — not something that you create one time and put away for decades until you’re on your death bed.

With a regular estate plan review when appropriate, you’ll be assured your wishes are accurately reflected.

Additionally, you can be sure your estate is managed according to your intentions. If your estate plan is not up to date, the court will consider it invalid.  As a best practice, your estate plan should be reviewed every few years and after major life events. Modifying an estate plan is not difficult once you have the structure of an existing estate plan in place.

A well-designed estate plan, set up by an experienced Elder Care Attorney will establish clear, legally binding directives for handling your affairs and distributing your estate.

If you are among the 6 out of 10 adults without an estate plan and you’re ready to put one in place, give my office a call today at (470) 235-7868.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!