Fewer than half of men and women in their mid-fifties to mid-sixties have completed a will or estate plan. The savvy individuals who do have an estate plan know it’s a smart move, an ongoing process, and a set of documents which should be reviewed on a regular basis. At least once every ten years, you should request a review of your estate plan with your attorney and we suggest that you review them more frequently (every 2-3 years) when your children are minors and to ensure that the persons you have named as agents are still able to serve. The following three milestones should also trigger a review and update of your existing estate plan.
- An Addition To The Family
Whether through birth or adoption, adding a new child to your family necessitates adding them to
your estate plan. This gives you the opportunity to appoint a guardian for them should one
become necessary. - Life Changing Injuries or Disabilities
If your spouse or child suffers from a severe injury or illness requiring ongoing care and
expenses, you may want to create a special needs trust to ensure that their needs are always met
and that they receive an appropriate standard of care after your demise. - A Change In Marital Status
Marriage, remarriage, or divorce certainly warrants an update to your estate plan to remove an
ex-spouse, add a new spouse, or safeguard the inheritance you wish to leave for the children you
had prior to the subsequent marriage. In cases of divorce, you’ll also want to have an ex-spouse
removed from accounts, assets, wills, and insurance policies.
Failing to update your estate plan can lead to undesired outcomes and family disagreements. It might even cause your will to be void or contested which can lead to lengthy, protracted litigation in Georgia’s probate court. Don’t let that happen to you. Call Grissom Law, LLC today to get our experts lawyers on your side. If you don’t have an estate plan, we’ll help you create one. If you have an estate plan in place, we’ll help you review and update it.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.