If you own a vehicle, then you understand that it requires regular maintenance and servicing to be reliable and perform well. There’s a good chance that your vehicle came with a recommended schedule for service based on the number of miles and what you’ll need to update at that point in time. In a newer car, you’ll have a dash light that comes on when it’s time for service and will stay on until your mechanic fixes it. Much like a vehicle, your estate plan needs servicing on a regular basis if it’s going to perform in the way that you intend when something happens to you. Your estate plan is an overall picture of your assets, you and your family and the tax laws currently in effect when you created it.
All of these update overtime and your plan should be updated accordingly. It is unreasonable to expect that the basic will you put together when you first got married still applies to a situation in which you have children, grandchildren or other more complicated issues. Your estate plan needs regular maintenance and tweaking by scheduling a consultation with an estate planning attorney on an annual basis to discuss your options.
It is never easy to think about the process of estate planning as many people are uncomfortable with their own mortality. However, taking the necessary steps to protect yourself can go a long way towards giving you the peace of mind that you need should something happen to you in which you become incapacitated or unable to make decisions for yourself. Furthermore, your family members will be empowered with a clear record of what you want to happen if you suddenly pass away.
