While some people in Colorado Springs may have already executed an estate plan, it is a mistake to think that estate planning is “one and done.” In fact, there are a variety of reasons why it is good to review one’s estate plan. This way, a person can ensure their estate plan accurately reflects their wishes as their life goes on.
Let’s focus on wills. Many life changes can affect a person’s will. For example, new children or grandchildren may be born that a person wants to leave an inheritance to. Or, sadly, sometimes an heir will pass away first. Thus, a person will have to decide what to do with their loved one’s inheritance. Marriages and divorces can also affect who a person wants to leave an inheritance to. Therefore, it is important to review one’s will periodically, taking these life changes into account.
There are other reasons why updating a will can be a good idea. A person may have accumulated valuable assets that they did not own when their will was created. They may want to modify their will to include these assets. Or, conversely, a person may lose assets that they had listed in their will. This is another situation where a person will want to revisit their will and make any modifications necessary to account for the lost assets.
Also, a person might move to a state that has different laws regarding wills than those in the state where the will was executed. Changes in law are another reason to review an estate plan. Even if a person remains in the same state where the will was executed, state law and federal law can change in ways that affect a person’s will. By reviewing one’s will periodically, a person can ensure their will still meets their wishes in light of the changes to the applicable laws.
In the end, it is a good idea to periodically review one’s will. Life is dynamic, and changes will always come your way. By reviewing your will, you can make sure your will still reflects your wishes in spite of the twists and turns life brings.