White Peck Carrington
Call Today 859-274-4115

There may be a good reason to update your estate plan

Once you create an estate plan, you'll feel like the weight of the world has been removed from your shoulders. This relief makes it much easier to look toward the future with a clear mind.

Here's something to remember: Just because you create an estate plan doesn't mean that it should remain the same until the day you die. For example, estate planning in your 30s is not the same as estate planning in your 50s. As you age, you should consider the many changes you can make to improve your estate plan.

Here are some of the times when it makes sense to update your estate plan:

-- A significant change in life circumstances. This can include but is not limited to divorce, marriage, having a child, adopting a child or moving to a new state.

-- The person you named as your beneficiary is no longer alive. In this case, you need to review your estate plan and personal situation to make a change that suits you.

-- New state laws. Did you know that estate planning law can and will change? You need to become familiar with any changes, as this could impact your estate plan.

-- An increase or decrease in the value of your property. If there is a substantial shift in either direction, you should review your estate plan to determine if any updates are necessary.

-- Change in guardian. Do you need to change your child's guardian for any reason?

-- The addition of a significant asset. An example of this would be the purchase of a second home.

Along with all the above, you should get into the habit of reviewing your estate plan every three to five years. This may not be your idea of fun, but it's one way to put a plan in place suits the needs of you and your family.

If you have any reason to believe that your estate plan needs an update, don't hesitate to review what you have in place. From there, it's much easier to decide which steps to take as to put your mind at ease.

No Comments

Leave a comment
Comment Information

White Peck Carrington | 26 Broadway | P.O. Box 950 | Mount Sterling, Kentucky 40353-0950 | 859-274-4115 | Fax: 859-498-7363 | Map & Directions