Upon death, a Georgia resident’s last will and testament needs to be probated. If that individual’s estate plan is not kept up-to-date, the estate administration could be more difficult. Reviewing an estate plan periodically can help keep unnecessary problems from diminishing the assets of the estate and preventing the distribution of its assets as quickly as possible.
A Georgia resident’s life can change dramatically as the years pass. Children grow up or are born, marriages end and marriages begin. People who are named as beneficiaries, executors or trustees can die or become estranged. In all of these cases, an update to an individual’s estate plan is needed.
A person’s financial situation can change as well. New assets might need to be transferred into a trust, or others might need to be removed if they are sold or otherwise disposed of. Tax laws, business climates and financial markets can change over the years, and a modification might be necessary in order to account for one or more of these economic shifts. In the alternative, the person could review the estate plan and simply want to make changes to it.
When an individual fails to keep his or her estate plan up-to-date, it might complicate estate administration. With all of the changes that can occur in life, it is vital that any necessary changes are made to an estate plan. Periodic reviews can give the individual and his or her family the peace of mind that many potential mishaps and road blocks have been removed, which would more than likely make probate go more smoothly.
Source: verdenews.com, “Updating your estate plan: When should you review it? What should you review?“, John Kincaid, Oct. 29, 2016