Many Georgia residents created their estate plans when they had minor children. However, as the years went by, their children became adults, and now their plans are out of date. When estate-planning documents are not updated, surviving family members could have a difficult time when it comes to estate administration.
Too many Georgia residents have an estate plan drawn up, put it away and never look at it again. Estate-planning documents need to be reviewed periodically or when a major life event such as a marriage, divorce or birth occurs. A person’s financial situation could change drastically, which would more than likely require changes and modifications. Another event that might require updates to an estate plan is changes in the tax laws.
Other people might only have a will and are lacking essential documents to create a plan that covers both death and incapacitation. Financial and health care powers of attorney allow family members to make decisions on an individual’s behalf if he or she is unable to do so due to illness or injury. Trusts could be needed in order to adequately provide for certain family members.
An estate plan is as much — if not more — for surviving family members as it is for the individual who created it. Estate administration can be challenging enough without out-dated information and provisions in the plan. When essential changes are made through a periodic review, family members can rest assured that they will not end up spending additional time and money administering the estate because it was not done correctly prior to their benefactor’s death.
Source: thetimesherald.com, “Updating your Estate Plan is Critical to Its Success“, Matthew Wallace, Oct. 7, 2016