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Estate plans should be reviewed and updated

On Behalf of | Jun 26, 2023 | Estate Planning |

Ohio residents who have an estate plan in place should congratulate themselves – they are among a minority of Americans who have such a plan in place.

It is an unfortunate reality that most people simply never get around to having an estate plan drafted, and the reasons for that vary widely.

Some don’t think they have anything of value, some think that it really doesn’t matter to them what happens to their assets.

If you have an estate plan, you clearly value the process of transferring assets and setting the stage for other key decisions, when the time comes.

But, even if you have an estate plan in place, there will still be work to do.

As a recent news article noted, reviewing and updating estate plans is crucial. Why? As time passes, your goals may change or your heirs or beneficiaries may change, and births, deaths and weddings can all impact how you view the manner in which your estate should be administered.

Where to start

As the recent article noted, just as it can be a good move to analyze your overall financial situation from time to time, it can be just as good of an idea to review your estate plan at the same time. A financial plan and an estate plan are probably closely tied to each other. Your retirement savings, for example, may be a key part of both plans.

And, keeping a spreadsheet or list of all of your assets and accounts is a good idea, and updating that regularly can help keep your financial and estate plans in order.

The time it takes to craft an estate plan is oftentimes a reason why some people avoid the task. But, if you have already completed that step, be sure to devote the time to keeping that estate plan updated – and reflecting your current goals and values.