An estate plan is a valuable tool that can help you secure assets for yourself in the present and for your heirs in the future. For this tool to have maximum value, however, it needs periodic updates to maintain accuracy.
Here are a few life changes that require a revisit of your estate plan.
1. Your assets or liabilities change
As you acquire and lose money and other assets, you should include these changes in your estate planning documents. Likewise, if you incur or pay off debts, these changes may affect the number of divisible assets when you pass and warrant an update to your legal documents.
2. You need to replace your executor or trustee
There are many reasons you may want to change your executor or trustee. These roles need someone responsible and available to fill them. If the person currently in place no longer fits these requirements and you have selected someone new, you should list them in your updated estate plan.
3. You just moved to a new state
If you just moved to Arkansas, we are glad you are here with us. You should know that any estate planning documents you created in your former state may not fully meet Arkansas requirements. For this reason, you should draft an updated version now that you are here.
To ensure the execution of your final wishes and provision for your loved ones after your passing, you should periodically revisit your estate plan and update it whenever you have a life change.