Are you a resident of Georgia who already has an estate plan in place? This may put you ahead of some of your peers, but having an estate plan ready is not the end of it. You will also need to keep your estate plan updated throughout the years. Here are some of the points where you may want to update.
The first situations involve family changes. Your estate plan handles how you want to divide and pass on your assets. For better or worse, your relationship with others will not always stay unchanged. You may someday want to alter who gets what. Some changes that can facilitate this include marriage, divorce or remarriage. You may adopt a child into your family or give birth. Any of these instances can result in you having someone else to leave assets to, or someone you no longer want included.
The second set of situations involves financial changes. This includes both positive and negative impacts. For example, you will want to update your estate plan if you fall into debt and file for bankruptcy. You will also want to update if you receive a large inheritance.
Finally, there are changes related to local law. Local law dictates how you must handle your estate plan. Therefore, you will want to keep an eye on your local laws to ensure that the laws governing your estate plan are still considered valid. This also applies if you move out of state and must familiarize yourself with a new set of laws.
If you want to continue reading about estate planning, take a look at our linked web page on the same topic. Estate planning can involve complex litigation, but learning more about it can help you understand the process.