Not Keeping Estate Plans Current Can Destroy Your Planning Goals
Nearly half of Americans who are over the age of 55 do not have a will. Only 18% of people in this age range have the recommended legacy planning elements, which include advanced health care directives and powers of attorney. While it remains uncertain how many people fail to update their estate plan routinely, this is likely also a large number. Estate planners often must invest a great deal of energy to establish estate and wealth plans that fit a person’s needs and make sure that their estate goals work together. As clients’ situations change, however, they often fail to inform estate planning lawyers so that adequate changes can be made to the corresponding documents. Life Changes Warrant Updating Your Estate Plan After the births of new family members, deaths of close loved ones, and even after a divorce, the best practice is to update your estate plan. Over time, parents’ relationships with their children will change. Children can also encounter various problems throughout life that alter the way that a parent wants assets to be distributed. Changes in a child’s life can also end up influencing that child’s ability to act as an agent or trustee of a parent’s [...]