Any Kentucky resident who is at least 18 years of age and of sound mind is encouraged to create a will, choose someone to have medical and financial power of attorney, and create other important estate documents. Estate planning is essential to make sure that your loved ones can easily manage your affairs once you have passed away. However, updating your estate plan is just as important as creating it.
Why should I update my estate plan?
The purpose of updating your estate plan is to account for any changes that occur. Change can occur in many forms, including:
- Major life changes: It is unlikely that your life will stay the same from the day you create your will until the end of your life. As the years go by, you may choose to get married or remarried, get divorced, or have children. You may lose a loved one due to illness or lose contact with someone you were once close to. It is important that you adjust your estate plan to account for these significant life events.
- Legal changes: Estate planning and tax laws change fairly frequently, so it is important to make sure to update your plan to comply with these new laws to ensure that it remains valid.
- Beneficiary changes: You may decide to add a new beneficiary or remove a beneficiary for personal reasons.
- Asset changes: If you decide to sell your house or acquire new property, you will need to account for that in your plan.
- Executor and power of attorney changes: You may choose to appoint a new executor to manage your estate after you pass away or a new agent to be able to make medical and financial decisions on your behalf if you become incapacitated.
Generally, experts advise you to review and revise your estate plan with the help of an estate planning attorney every three to five years or whenever something major happens in your life. If you regularly update your plan, you will be at peace knowing that your plan accurately reflects your current wishes.