Do you remember the last time you drafted your estate plan? If you are struggling to recall the last date you updated your estate plan, then this may be the year to make some changes. It is often suggested that an estate plan is updated at least every five years. Updating an estate plan can help ensure your last wishes are current.
You may not know what changes you should make to your estate plan. There are a few considerations to make, including the following:
Make adjustments to your financial situation
Have you changed jobs? Were you recently given a raise? Have you made investments in real estate or a business? Then you may want to consider making adjustments to your estate plan focusing on any financial changes. You can include new assets to your estate plan and adjust the friends and families that are named as your beneficiaries.
Minimize conflicts and protect your legacy
Do you have the same relationship with friends and family that you once had? Family differences can lead to conflict after you pass away. You may want to consider what you can add to your estate plan to reduce conflicts and help ensure your last wishes are met. You could consider making a trust to protect your legacy, for example.
Manage your future healthcare
Have you recently developed a serious medical condition? Have you been more prone to falls or injuries? You can include a power of attorney or living will in your estate plan to help control how you are taken care of if you can no longer do it yourself.
You can reach out for legal help as you consider what changes you are planning to make to your estate plan.