Estate planning is not a favorite subject for most people, and it can take a while for residents in Georgia and other states to get their affairs in order. Once an estate plan is finally completed, many people think they never have to worry about the matter again. However, problems can arise as time passes, which makes revisiting a plan necessary. Here are some reasons updates may be needed.
If a person created an estate plan 10 or more years ago, many life changes could have occurred. A person listed as a beneficiary or executor could have died while new additions to the family like grandchildren may mean that new beneficiaries need to be added. Even if one's executor is still alive, this person may no longer be close to a grantor or could now be unfit for the position.
An outdated plan is not the only reason revisions might be necessary. Those who have chosen a close friend or family member to serve as an executor or trustee may wish to reconsider. These roles can result in more hassle than one realizes, and the designated individual may not know what the position requires. Third-party representatives, such as a bank or CPA, often work best when it comes to managing directives and dividing assets.
When moving to a new state, different estate planning rules may apply. Some changes may be needed to ensure a plan complies with state laws. Additionally, other documents like advance directives and powers of attorney could need to be redone.
Whether updating an estate plan or creating one for the first time, there are many issues one may need to consider. Important topics might include living wills, trusts, advance healthcare directives and financial powers of attorney. An estate planning attorney may help clients choose the necessary documents.