Many families in Parsippany have taken the time to create an estate plan. This is the best way to make sure a family’s assets are passed to the next generation and that their legacy continues.
Once an estate plan is created, it is not a fixed document. Those that have an estate plan may think that once it’s created they are done with that task. But, an estate plan should actually be updated every 2 to 3 years. There are many life events that can affect a person’s estate plan. These may include marriages, the birth of a child, divorce, death, bankruptcies, and many other events. If the estate plan is not updated, the estate owner’s wishes may not be carried out when they pass away. A power of attorney may need to be updated and beneficiaries can change.
A legal professional who is skilled in estate planning can help their clients evaluate their current estate plan and see where updates may need to be made. An attorney understands the complexities of their client’s lives and can guide them in making their estate planning choices. There are many life events that can affect a person’s estate plan and if it is not updated, assets may be transferred to unexpected beneficiaries or a person’s medical wishes may not be followed.
Having an estate plan offers a family peace of mind that their wishes will be followed after their death. It is a gift to their family by helping them sort through an estate when they are deep in grief.
Source: clevelandjewishnews.com, “Frequently evaluating estate plans could save trouble“, Becky Raspe, Sept. 20, 2017