How to Update Your Estate Plan
Many people know the importance of creating an estate plan and so, they draft a will, advance directives, or establish a trust. Whether you have created one or more of these important legal documents, it is not a set-it-and-forget-it task. Your estate plan needs regular updating to ensure that it still reflects your wishes and that you and your loved ones are properly protected. If you have not updated your estate plan in the past few years, now is the time. Our Atlanta estate planning lawyer explains below how to do it.
Review Your Beneficiaries
If there is one constant in life, it is change. People get married, divorced, have children, and sadly, even pass away. These changes can quickly turn a current estate plan into one that is outdated. You may need to change your beneficiaries to include new additions to the family, or amend them to remove certain individuals you no longer want included.
It is not just beneficiaries in your estate planning documents that need review. Also review your life insurance policies, retirement accounts, bank accounts, and any other financial documents that may include beneficiary designations. These also need careful review.
Review Your Personal Representative and Trustee Choices
If you have written a will or established a trust, it is also important to review your choices for your trustee and personal representative. Consider if these individuals have moved, if they are still capable, and if your relationship with them is still strong. Ensuring you have chosen the right people can ensure a smoother administration and reduce family conflict.
Review Guardian Designations
If you have minor children and have designated a guardian for them, it is critical that you review this designation, as well. If the guardian has passed away, is no longer capable of raising a child, or otherwise unable to serve in the role, it is critical to update this portion of your plan. If the guardian you have named is unable to care for your children, the probate court will appoint one and that choice may not align with your wishes.
Review Your Advance Healthcare Directive
Georgia does not use separate living wills or healthcare power of attorneys. Instead, the state uses advanced healthcare directives. These documents outline which individual can make medical decisions for you if you are ever unable to make them for yourself. If you have drafted an advance directive, review it carefully to ensure that your agent is still current and still able to fill the role.
Confirm Property is Properly Titled
If you have already established a trust, it is critical to ensure your property is properly titled into the name of the trust. Failing to retitle property meant for a trust is one of the most common estate planning mistakes people make. This property is then subject to probate and creditors may be able to go after it after you pass away. It is critical to ensure that all property meant for the trust is properly titled.
Our Estate Planning Lawyer in Atlanta Can Review Your Documents
At The Forsythe Law Firm, LLC, our Atlanta estate planning lawyer can review your documents, ensure they comply with current law and that they reflect your current wishes. Call us now at 404-476-2717 or contact us online to schedule a consultation and to get more information.
Source:
georgia.gov/write-will
