Estate Planning Mistake #12Believing Estate Planning is a “One-Time Event”
Developing an estate plan is a very big and important accomplishment, but that does not mean you are done. As long as you are alive, your estate plan should also be a living document so that it can evolve to meet the needs of your changing circumstances and the current state of the law.
Your estate does not stand still and neither should your estate plan. You may get married, have another child, move to a different home, start a new business, have a falling out with your best friend, reconcile with your siblings, etc… Each of these big events will likely require an update to your estate plan.
For instance, what would happen if you created an estate plan before you had your first child? What if you named your best friend as your executor and then lost touch over the years? Even worse, what if your ex-husband or ex-wife was still listed as the inheritor of all your assets?
Additionally, the laws surrounding estate planning do not stay still either. Just in the last few years, several important changes have taken place that affect the way that estate plans are drafted.
Make it a point to review your estate plan at least once a year. If your relationships change, you move or sell a house, or your income drastically increases, you will want to amend your estate plan right away.
In the last video in my series, 12 Common Estate Planning Mistakes and How to Avoid Them, I discuss some of the many reasons why you need to review and update your estate plan regularly as well as some of the recent changes we have seen to the rules surrounding estate planning.
I hope you have found this series to be a useful guide to some of the most important aspects of estate planning. Now that you know the most common estate planning mistakes, you can help yourself and your family to avoid a lot of conflict and heartache when your time comes.
If you have any additional questions about estate planning that this series did not cover, or if you are ready to sit down and create your estate plan, please contact me at (916) 932-7416 or Justin@musiccityestatelaw.com.
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