Even if you already have an estate plan in place in North Carolina, it’s worth revisiting and updating your estate plan periodically. This article is here to help you understand estate planning and the benefits of revisiting it on a regular basis.
As you move through life, your estate plan will need to reflect changes in your life. Do you have children who weren’t in your life when you drew up your estate plan? Did you and your spouse get divorced and not update your estate plan to reflect that change? If you fail to update your estate plan with these changes, it could cause problems for you, your estate and those who are most important to you.
Updating your estate plan will give you peace of mind that your estate plan reflects what you want and will be effective in carrying out those wishes in case something happens. You want to stay away from the worry that some information in your plan may be irrelevant or incorrect. You can avoid the frustration of not knowing whether your estate plan will get executed as written.
If you are revising your estate plan, you can factor in changes over time and update it to reflect current estate laws. You might be able to save money on taxes and other fees along the way by taking advantage of changes in the law. For instance, you may be able to lower estate taxes and reduce the amount of money you have to pay in estate court.
Estate planning isn’t just a one-time event. By revisiting your estate plan from time to time and updating it as needed, you can rest easy knowing that your estate plan is always correct.