Take Charge: Avoid the Risks of an Out-of-Date Estate Plan
Getting your estate plan in place is a significant—and essential—undertaking. Working with your attorney and checking estate planning off your to-do list is a huge accomplishment—but that’s not the end of it. Estate planning is actually an ongoing process. Laws change. Intentions change. Families change. If you want to be sure that your intentions will be realized, it’s important to check in regularly with your estate planning attorney to keep your plan up to date.
You’ve probably heard the saying, “Change is the only constant.” Regardless of how thorough your initial estate plan is, it needs ongoing maintenance because things change. For example, these changes can make your estate plan outdated:
- Change in tax or estate laws
- Change in marital status
- Birth and adoption
- An unexpected disability, incapacity, or death
- Change in assets
- Moving to a different state
The main risk of an out-of-date estate plan is that it will no longer reflect your intentions about critical issues, like what care you will receive in your later years and how your assets will be divided at your death. Collateral risks of an out-of-date estate plan can include discord among family members and costly litigation. The good news is that a maintenance plan will help avoid the risks of an out-of-date estate plan.
Whether or not we drafted your initial estate plan, Wilson Law can provide an ongoing maintenance plan to provide you with the peace of mind that your plan is up to date. We offer a complete estate planning strategy that includes proper documentation and maintenance. Our professional team will take the time to get to know you, and we’re committed to continuing to serve you.
If you have questions or concerns about your current estate plan or need to begin the estate planning process, call Wilson Law PLC today at 866-603-5976.
