Drafting an estate plan gives us a sense of accomplishment, however it appears to be quite natural for people to sign papers and then completely forget about them. Often we even assume that these papers no longer require attention. With a will, however, failing to update the information contained inside could have significant consequences. It might be the perfect arrangement today but not so perfect tomorrow because of the many changes in our life that could have direct impact on it, according to a recent article from Forbes.
Today, many people already have a valid will in place but take no adequate measures to review their estate planning and reflect the changes in their status from the moment they sign the document. It's important for people to know that a multitude of experiences could immediately affect their will and to act quickly when it requires updating.
Outdated or inadequate wills in some cases evolve into long and costly disputes between heirs, causing the legacy to shrink. What's particularly sad about these situations is that they are often completely avoidable, so taking time to revise your will can save your family a financial nightmare and additional troubles.
Any meaningful change in your life should make you think about updating your will. These include events like getting married or divorced, having a child, starting or selling a business venture, retiring, relocating to another country, winning the lottery or inheriting assets from a family member or friend. Even if nothing that significant happens, people should still revisit their estate plan every few years, just to make sure they are taking full advantage of changing tax rules.
Here at Kings Court Trust, we would always encourage your will to be kept up-to-date to guarantee that all your wishes are fulfilled and prevent disruptions in the relationships between those you leave behind. For more information visit Forbes.