Updating an estate plan is just as important as creating one

Updating an estate plan is just as important as creating one

| Dec 19, 2018 | Wills And Trusts |

Planning an estate is not a top priority for many people in Louisiana, especially those who do not recognize an immediate need for planning so far into the future. However, people who take the initiative to begin planning their estate long before they ever need to implement its details, are often much more confident and better prepared to take on the unexpected with peace of mind. 

Creating an estate plan requires people to sit down and analyze their lifestyle, their end-of-life wishes and how they want their assets to be used or distributed following their death. Effective estate planning accounts for the needs of remaining family members while honoring the wishes of the person who created the plan. According to Time, when people are planning their estate, they should be in communication with their heirs, their executor and any other people who will play a role in their plan. This decision may not only provide helpful information to surviving family members but prevent disagreements and contention by providing clarification about a person’s desires before they are no longer there to define their wishes. 

Even more important than creating an estate plan, people must regularly revisit their original agreement and modify it as needed to verify that it is still going to provide the outcome they desire. Forbes suggests that a person’s plan is updated promptly if they have moved to a different state, have changed their mind about who they wish to have listed as heirs or if they are relying on a retirement plan that is no longer usable. If people have found that their relationship with trustees, executors, witnesses or other involved parties has changed, they should immediately modify their plan to reflect the necessary changes they have made.