Putting off updating important legal documents like an estate plan can be extremely detrimental to your future. Procrastination with these types of legal documents could lead to amazing amounts of financial loss, your loved ones facing additional stress, or the chance that your estate would be unaccounted for should you pass unexpectedly.
Here some of the top reasons why you should never put off changing estate plans:
Your Life Is Always Changing
People that are involved in old revisions of documents may no longer be a significant factor in your life. It’s possible that you could have people in your estate plan that are no longer in your family due to divorce, you may not own property that is in your estate plan or you may have people named in the estate plan that passed away. Regular updates when a significant change is made will keep the document legal and make sure that your wishes can be managed.
Revocable Living Trusts And Wills
Whenever a significant life change takes place, you’ll need to review these documents as soon as possible and reflect changes quickly.
Retirement plans and beneficiary designations are some of the most significant parts of planning that are overlooked. Most people look towards their assets but a retirement plan will not be disturbed by a trustor will. They’re often released based on beneficiary forms with a financial institution. If you’re not examining your financial plan, you could be without any type of income from the retirement plan should your spouse pass away.
Reviewing long-term care and paying for long-term care can be important aspects of estate plans. Proper strategy will protect your assets and make sure that long-term care costs will be handled.
Consider reviewing your estate plans on an annual basis and be sure to contact a legal professional with your estate planning should there be a significant change in your life.
This article was written by Alla Tenina. Alla is one of the best estate planning attorneys in Los Angeles California, and the founder of Tenina law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.