Many people are overwhelmed by the thought of tackling their estate plan. It is an inherently difficult topic to ruminate and discuss because at the center of it all is the idea of death. You are preparing for your inevitable death, and what happens to your life savings and collections when it arrives. That's incredibly hard to get past, and it can drive people away from the estate planning process -- even though it is an incredibly important part of your life.
One of the easiest ways to begin planning your estate is to just go one step at a time, and to do so with experienced legal counsel by your side. Creating a will is the best place to start. This document is at the heart of every estate plan, and it's mere existence can do wonders for you, your beneficiaries, and your loved ones.
Once that step is complete though, you can't let your will simply sit there for years. It will need to be updated frequently so that it accurately reflects your current mindset and the current circumstances of your life -- and the lives of your beneficiaries and loved ones.
Updating the will frequently must be done, and there are a handful of common reasons why you should review your will:
- A change in state laws
- Getting divorced or married
- Having children, or your kids turn 18 years old
- Your estate dramatically changes in value
- A beneficiary dies or your relationship with them changes
Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents," Accessed Jan. 31, 2018