Most Tennessee residents will affirm that the estate planning process is not enjoyable. Not many want to think about their death and all the potential future events, most of them upsetting or tragic. This might be why some avoid the process until later in life.
Putting off the estate planning process is not uncommon; however, once you have an estate plan in place, you shouldn’t put it aside and forget about it. Reviewing your estate plan is about as thrilling as drafting it, but it is as much, if not more, of an essential step to take.
Importance of an estate plan
While it is not a particularly pleasant time, it is an essential in life. An estate plan can provide necessary information when medical or financial decision are made on your behalf. It also provides protections to your assets and property, ensuring everything is bequeathed in accordance with your wishes.
Although it is an accomplishment to have an estate plan in place, your work is not done. On an annual basis, it is important to dust it off and determine if any updates or changes are necessary.
Reasons to update your estate plan
A major life change often signals a need to update your estate plan or establish one if you do not already have one. This can often include events like marriage, divorce or the birth or adoption of a child. The death of a spouse is a critical time to review and update your estate plan, as many of your estate planning documents reference your spouse. Their death signals a need to update your will, power of attorney, insurance policy and anything they are named as the beneficiary.
An update might be necessary if there is a change in the family dynamics. In other words, who you trust, love or want to inherit your property could shift due to shifts in your relationships or death. Lastly, you will want to review and update your estate plan if your assets have changed substantially.
Drafting and updating an estate plan can be an overwhelming and complex matter. As such, it is important to take the time to fully understand your situation and options. A legal professional can help by answering any questions you have.