Having a plan for your assets may provide you with comfort and your surviving family members with ongoing support after your death. Estate planning in Colorado is a process that requires time and commitment. There is no such thing as planning your estate too early.
Throughout your life, circumstances may impact the original decisions you made in your estate plan. Modifying certain aspects of your plan may keep its content and purpose both relevant and updated.
Knowing when it is time to update
Checking the relevance of your estate plan every few years may help you catch things that need to change before it is too late. Forbes suggests some circumstances under which modification of your estate plan would benefit you. These include the following:
- People you formerly trusted to advise your plan or act as executors or administrators are no longer fitting candidates.
- Relationships, people or things you previously felt affection for have changed.
- You have outgrown your former retirement plan or have made a significant career change.
- You have accumulated more assets and have notable changes to your liabilities.
Taking action to avoid disappointment
Can you imagine the disappointment to your family members if your estate plan does not work as you had intended simply because it was never updated? Your action to proactively address modifications may guarantee that your plan remains applicable even as your life changes. Verifying that your plan is legally finalized may also provide reassurance that everything will unfold the way you desire. If you would like to learn more about strengthening your estate plan, please visit our webpage.