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Is it time to update your estate plan?


Kent area residents who have an estate plan may feel like there is not a need to revisit it after creating it. Although creating an estate plan is important and can help families feel secure, there are certain times when it is important to review an estate plan.

Most people don't create an estate plan days before they pass away, so for many families, things can change over the years. As far as estate plans, there are several reasons why they may need to be updated. If a person gets married or divorces, this is a significant reason to have an estate plan updated. Also, if children or grandchildren get married or divorce it is also a good time to update. Other reasons include new real estate, change of beneficiaries, changing an executor or health care agent, life insurance, retirement or adding charities.

Experts recommend that those with estate plans revisit them every five years or so to make sure they are still accurate. Essential documents need to be updated, including all names included in the documents. A legal professional skilled in estate planning can help make sure these documents are in good working condition and can offer suggestions as to what may need to change. They can also help a family create an estate plan for the first time to make sure their assets are protected and their wishes will be followed.

Having an estate plan is important in asset preservation and making sure a person's legacy is protected. Estate plans are for every family, regardless of income and wealth.

Source: verdenews.com, "Updating your estate plan: When should you review it? What should you review?", John Kincaid, Oct. 29, 2016

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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