Many people in Georgia work their whole lives in order to provide for their families and themselves during their retirement. As a result, some people must then make important decisions regarding the distribution of their assets following their death. However, even those people who have created detailed estate plans need to revisit the plan in order to reduce complications during the estate administration and probate process.
As most people are aware, life changes in unexpected ways. As a result, some estate planning professionals recommend that documents are reviewed every three years. Doing so ensures that they continue to reflect a person’s wishes. Additionally, major life events, such as a death, birth or marriage, may also prompt a review.
It can also help ensure that others named to certain roles, such as in a fiduciary role or someone tasked with making important medical decisions, are still suitable to make such decisions. For example, as time passes, relationships change. If a person no longer has a close relationship with the person named to make medical decisions in the case of incapacitation, that person may no longer be informed about his or her wishes.
Many people in Georgia place a great deal of thought into the creation of estate planning documents. They often consult with a professional with experience with the process to help ensure that their wishes are clearly expressed in a way that is enforceable. Reviewing these documents periodically is one more step toward protecting loved ones and beneficiaries from a complicated and lengthy estate administration and probate proceeding.
Source: clevelandjewishnews.com, “Frequently evaluating estate plans could save trouble“, Becky Raspe, Sept. 20, 2017