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  • Ronald J. Axelrod

Keep Your Estate Plan Up to Date

Updated: 4 days ago


Family leaning against a fence showing 3 generations for an estate plan article

It's Important to Keep Your Estate Plan Up to Date

Most people experience a tremendous sense of relief when their estate plan is completed. It’s a great feeling to know you have thoughtfully prepared for your future financial, physical, and emotional well-being, as well as that of the people you care about most. Does that mean you can just file your plan away and never think about it again? Absolutely not. It's important that you keep your estate plan up to date. Updating it when life situations change is just as important as having a well-designed plan in the first place. The reason for this can be summed up in a single word: Change.


Change is Inevitable

Your needs will inevitably change as you grow older. So, too, will your health, financial situation, income, and the overall value of your assets. The needs of your loved ones will change as well. After all, people get divorced and remarry; they have children; they buy and sell homes, start businesses, change jobs; and sometimes, they suffer unforeseen financial difficulties like bankruptcy, or have a disease like alcoholism. By having your plan reviewed and updated, you are able to take the changes that are part of life into account, and better protect both you and your loved ones. In addition, the law itself is constantly changing.


Husband and wife signing estate planning document

Here are Seven Reasons Why

So, when should have your plan reviewed? Here are some of the situations that likely require an adjustment to your plan:

  1. Getting married

  2. Getting divorced

  3. Having children

  4. You or a loved has been severely injured or has become seriously ill

  5. Receiving an inheritance

  6. Moving to another state

  7. You're concerned about nursing home planning

We recommend that our clients have their plans reviewed every three to five years. And remember, an integral part of your plan that needs reviewing is beneficiary designations on retirement assets (IRA’s and 401k’s) and life insurance.


Senior citizen woman writing her wishes for her will

Conclusion

At Ronald J. Axelrod & Associates, our Estate Planning expertise includes, Wills and Trusts, Estate Administration and Probate, Powers of Attorney preparation, Beneficiary Designation coordination, and more. Call us today at (585) 203-1020 for a complimentary review of your current estate plan.





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