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Why the new year is the ideal time for estate plan updates

On Behalf of | Jan 14, 2025 | Estate Planning |

Some people make the mistake of never establishing an estate plan. Countless others draft basic documents but then fail to keep them updated. Technically speaking, individuals can establish or revise estate plans at any point.

However, sporadic adjustments might mean that people die or experience emergencies without having the necessary documents in place. The beginning of the new year is an ideal time to establish or update an estate plan. People can easily remember that January is when they schedule a sit-down session with their lawyer to review their documents.

Those who commit to reviewing their estate plan at the beginning of the year, every few years, can enjoy the peace of mind that comes from knowing they will benefit from certain kinds of protection regardless of what unpredictable circumstances may eventually arise.

A lot can change in a year

Some people may decide they only want to update their estate plans every two to three years. Doing so is frequently sufficient. However, it may be beneficial to spend a little time considering what happened over the last year before skipping a year.

If there were major changes to the family, it may be a good time to sit down with a lawyer and update estate planning documents even if the testator already made changes the previous year. The birth of a child, the death of a family member, a divorce or a marriage could all be reasons to make significant adjustments to an estate plan.

Outdated documents may not provide the right support

People who fail to update their documents can leave themselves in a very vulnerable position. Outdated documents could designate someone who has died or become medically vulnerable as power of attorney or the personal representative of an estate. They may no longer be in a position to fulfill those responsibilities.

The instructions included in an advance medical directive or a will might no longer reflect current family circumstances. Changes in personal holdings and interpersonal relationships can render existing documents dangerously outdated.

If a will seems outdated to beneficiaries and others with an interest in the estate, they might be able to contest the document in the courts and convince a judge to set it aside. Most people require the input of an attorney familiar with state law and estate planning documents to achieve their personal goals. They may need to add new documents to their estate plan or make drastic changes to their existing paperwork.

A lawyer can help people determine what specific adjustments are necessary to achieve specific estate planning goals. Establishing or updating an estate plan requires support from a professional who understands the needs of testators and the law. Those ready to begin planning can discuss their goals and needs with Ryan M. Mynard Attorney at Law, P.A. by clicking here or calling 850-812-5626.

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