Georgia residents have only fulfilled half of their estate planning responsibilities by drafting a will or other documents. Once these documents are created, it is vital for individuals to review them on a regular basis. For instance, when a person moves to another state, he or she could be bound by different probate laws. It is also possible that a spouse may be entitled to a greater share of assets in that new state.
An estate plan should be reviewed if a person incurs a liability or increases his or her wealth substantially. Changes to the plan will likely need to be made if a person acquires large assets or significant amounts of debt. A plan may also need to change if an individual has a child or is welcoming a grandchild into the family. Edits to an existing plan can make it easier to provide for that child’s needs.
In some cases, life events will require that beneficiary designations are reviewed and potentially altered. The executor of an estate or the person overseeing a trust may no longer be able to fulfill that position. This could occur because the person originally appointed to the position has moved or passed away. As a person’s estate gets larger or smaller, it may be better for another person to be selected to be in that role.
Taking the time to review an estate plan may reduce the possibility of litigation or other challenges from an interested party to the plan. An attorney may be able to help a person review a will, trust or other documents at its creator’s convenience. If necessary, an attorney may help to make changes to a document that conforms to state law such as adding another witness or sufficiently providing for a spouse.
