Updating an existing estate plan is critical

On Behalf of | Dec 16, 2021 | Estate Planning

Change is an inevitable part of life, and there are times when these changes could affect legal and financial planning strategies. North Carolina adults who have estate plans will benefit from occasionally reviewing and updating plans as necessary. Certain major events in life, such as marriage or divorce, could necessitate alterations in current plans. Failure to do this could result in complications for heirs and beneficiaries. 

When is it time to review? 

Generally, it is prudent to review an estate plan every few years, even if there have been no significant life changes experienced by the family. It is beneficial to look over all plans, including the beneficiary designations for certain accounts. Outdated beneficiary designations could mean that assets and money are accessible by someone who is no longer the preferred recipient. 

Additionally, it is helpful to consider the individual designated as executor of the estate. The person named for this role should be capable of fulfilling his or her duties, including following instructions left in the will. It may be necessary to change the beneficiary designation in order to ensure future interests are secure. 

What steps are necessary? 

One may find it beneficial to work with an experienced North Carolina attorney when considering changes that may be necessary for an estate plan. A careful review can reveal the specific changes and updates that could provide the full amount of protection necessary for the situation. Any individual with an estate plan would be prudent to consider seeking help when reviewing existing estate planning documents.