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Reasons you need to update your estate plan

On Behalf of | Sep 28, 2023 | Estate Planning

Estate planning secures your financial future so your wishes happen when you die, and it serves as a tool for managing your assets and protecting your loved ones.

Unfortunately, it is not a one-and-done process. To make sure your estate plan in Bakersfield remains effective and aligned with your changing circumstances, it is important to update it periodically.

Major life events

Life-changing events like marriage, divorce, new children or the death of loved ones can affect your estate plan. When these situations occur, it is a good idea to update your beneficiaries, guardianship arrangements or asset distribution.

Financial changes

Changes to your financial situation should prompt estate plan updates. If you come into a large inheritance, receive new assets or experience a significant change in income, it is important to reflect these changes in your plan. This ensures that your assets go to the right individuals, and it minimizes potential disputes among your heirs.

Aging and health

As you age, your health may decline, and your preferences for medical treatment and long-term care might change. Updating your estate plan can help you establish clear instructions about healthcare decisions so trusted individuals can act on your behalf if you become incapacitated. 67% of Americans do not have an estate plan, leaving these difficult decisions up in the air.

Beneficiary and executor changes

The people you choose to handle your affairs and receive your assets might change over time. Personal relationships can shift, and the individuals appointed as beneficiaries or executors may no longer be suitable or available.