Many people do not revisit their estate plans once it has been created, but changes in circumstances mean that it’s time to pull it out and make changes. Death of a spouse, divorce, remarriage, birth of a disabled grandchildren, are some of the triggers.
Keep your beneficiary elections updated. These designations supersede your will or Trust. A first step for anyone who’s gone through a divorce is to check the beneficiary designations on retirement and other financial accounts. A lot of people walk away from their spouse, but never do any of the clean-up work.
Bottom Line. While it may seem easy to put off doing your initial estate planning or updating your planning until later, it’s the most important way you can protect your assets during your life and pass them along to those you care about. Final Wishes are just that – wishes. You need legally enforceable documents to ensure your wishes will be carried out.
Call the Law Office of Debra G. Simms for a free initial consultation.