“Having an estate plan is the first step in protecting your loved ones and assets in your absence. Revising and updating that plan is the second step and an important error to avoid.”
CAPE GIRARDEAU, MO, September 19, 2023 /24-7PressRelease/ — Most people know that preparing for the end of life is something that they should do, but around two-thirds of Americans lack an estate plan as per one latest survey. So if you fall into that category, considering an estate plan is a good idea.
If you are part of the 34% of Americans who have a plan, you should know there are times when it becomes important to update those plans. Attorneys understand when and how to update an estate plan.
Attorney Kelvin Birk of Birk Law Firm explains: “Having an estate plan is the first step in protecting your loved ones and assets in your absence. Revising and updating that plan is the second step and an important error to avoid.”
Passage of Time
You might think that the work is done once you have drafted an estate plan. However, it is important to evaluate your estate plan every few years.
Changes in the law, changes in your personal situation, and other things can happen that make amendments to your plan crucial to ensure the protection of your estate.
Changes in Assets Or Liabilities
An estate plan only covers the assets or liabilities that are described within the plan. Therefore, as time passes, the value of your estate could increase or decrease.
You may sell a piece of property or a business that was once a major part of your estate, or you may acquire an enormous asset that increases the value of your estate.
Either way, it is essential to reassess your estate plan as assets and liabilities change.
Changes in Beneficiaries
Marriage, birth, death, and divorce can all be reasons for updating an estate plan. Whether you have a new child or had a falling out with someone who was once an important part of your life, revise your estate plan to include or exclude that person to avoid potential conflicts.
About Birk Law Firm
With more than 30 years of experience in accounting and tax consulting, attorney and certified public accountant Kelvin Birk of the Birk Law Firm has a unique understanding of how important it is to have an effective estate plan.
Regarding the formulation and modification of an estate plan, Birk Law Firm is Cape Girardeau’s source for high-quality service in a personal and professional setting.
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