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"[Deciding when to revisit your estate plan] is a mixture of personal reasons and unavoidable changes to family and business. Better still, your estate plans should be as current as your thoughts."
NEW ALBANY, IN, November 22, 2022 /24-7PressRelease/ -- Make provisions for business transitions and property ownership transfers as you amass wealth. This is critical as making such plans in the heat of the moment comes with significant emotional pressure, which may cause you to make illogical decisions. Adapting to these changes should be a continuous process. Chief of which is regularly revisiting your estate plans to ensure they convey your last thoughts and wishes in the event of a sudden misfortune.
Attorney Gary Banet, a Managing Partner at CLLB Law, says, "My clients usually seek advice on how often they should change their estate plans; when's the most opportune time?" He adds, "It is a mixture of personal reasons and unavoidable changes to family and business. Better still, your estate plans should be as current as your thoughts of those around you."
Gary gives a few pointers on when it is best to review your estate plans and why.
Timeline Guides to Re-Evaluating Your Estate Plan
1. The Birth and Death of a Beneficiary
An addition or the loss of a loved one is a significant event that calls for the restructuring and review of your estate plan if you already have one. Estate plan reviews at such a time are needed because they consider your newborn's future well-being if something happens to you. In the loss of life of a beneficiary, adjusting the terms of your estate plan can determine who gets the beneficiary's share of the estate.
2. A Change in Your Relationship Status
If you are marrying, divorcing or remarrying, ensure to revisit your estate plans as soon as possible. Taking your time may cause you to forget that your ex-wife or husband still has access to your bank accounts and insurance policies or leave your partner (and stepchildren) stranded should you be no longer in the picture.
3. Old Age and Ill Health
We advise the elderly and those with terminal illnesses to be deliberate about revisiting their estate plans. This is when you need to evaluate the relationship with those around you and see to it that only those you want to benefit from you. Discuss with your New Albany estate and elder law attorney to ensure your beneficiaries get the most out of their estate shares.
About CLLB Law
CLLB Law is one of Indiana's foremost law firms whose meticulous and experienced attorneys have helped individuals and corporations maneuver business, criminal and real estate legal obstacles. Our research, analysis and presentation of facts are unparalleled and have been instrumental in providing our clients the best consulting and legal services.
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