THE IMPORTANCE OF KEEPING YOUR ESTATE PLAN UP TO DATE

You may be surprised to learn that planning an estate is just the beginning. A successful estate plan requires updates. Such a plan should always reflect a person's current family and financial situation. This means that simply completing an estate plan and forgetting about it often will not suffice. In fact, it can be quite damaging.

Sometimes having an estate plan that does not reflect a person's current living situation can be more harmful than having no plan at all. This is why, in general, it is prudent to check in with an estate planner every 3 years. After all, a lot can happen in 3 years -- a person may get divorced, have a child, remarry, or experience any number of changes in a living situation.

Some may be uncertain as to when such an update is necessary. Asking a couple of questions may help a person decide when to update their estate plan. One such question is whether there has been a change in a person's living situation. As mentioned before, if a person has divorced or if a new child has been brought into the family, these changes demand an update. It is also helpful to ask if the right people are in charge. If an estate has become larger or more complicated, it may be necessary to name new personal representatives who are better suited for the task. And has the news mentioned legal or tax changes?

These are just a couple estate planning questions that a person should ask every year. If the answer to these questions is that a change may be needed in your estate plan, contact Attorney Cynthia Rignanese immediately. If the answer to these questions is there have been no changes, then a routine “check-up” appointment with Attorney Rignanese every third year is sufficient.

By being diligent with the estate planning process, it is possible to keep a plan up-to-date and ensure that your wishes are carried out successfully.

Please reach out to us at 141 5th Street NW, Suite 300, Winter Haven, Florida 33881 at 863.294.1114.

Established in 1991, Rignanese & Associates is available to work with clients on their legal needs.

On behalf of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.

Source: Investing Daily, "Knowing When to Update Your Plan," Bob Carlson, June 4, 2014