If you have taken the steps to put in place a solid estate plan in Louisiana, you should feel good about this. The effort involved here can benefit both you and your family members who will appreciate having these details outlined for them when they are handling matters after your death. However, you should not consider estate planning to be a one-time activity. Instead, you should plan to review these details on a regular basis or when major life changes dictate such a review.
As explained by Fidelity, your estate itself and the lives of your beneficiaries are all subject to change. These changes should be properly reflected in your estate plan. Examples of changes to your estate include the purchase or sale of real estate that may be included in a trust. Any substantial increase or decrease in the value of your assets or your income may also necessitate some amendments to your will or trust.
Life changes can include births, deaths, marriages and divorces that would result in you making different decisions about how to apportion your estate and the assets in it to your beneficiaries. These events may happen to you directly or to your heirs. For example, if your adult child gets divorced, you may want to ensure your estate plan does not provide a windfall for their ex.
If you would like to learn more about the factors that should be evaluated to determine when and how to appropriate update your will or trust, please feel free to visit the estate plan update page of our Louisiana successions and probate website.