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The start of a new year is a good time to review your estate plan

On Behalf of | Jan 5, 2023 | estate planning

Those with an estate plan in place usually feel prepared for anything life might send their way. You might not know this, but estate plan documents require periodic reviews and updates to continue to meet your needs.

Life is chaotic, making it easy to put off tasks like estate planning that don’t seem to meet your immediate needs. If you use the start of a new year to manage vital yearly tasks, add estate plan reviews to your list of things to do.

Estate plan changes often need to be made whenever a significant change occurs. However, if you didn’t do that, now is a good time to make any necessary changes – particularly if you’ve had any of these changes over the past year.

Marriages and divorces

Has anyone in your immediate family gotten married recently? If so, you might need to update your estate heirs or beneficiaries to include new family members.

On the other hand, if you or a loved one got divorced during the year, you should also review your plan. You may want to remove those who have recently left your family.

Births and deaths

Always review and update your estate plan when a new baby enters the family. The same is true after welcoming stepchildren or adopted kids into your life.

If someone in your family died during the past year, you should also have your plan reviewed and updated to reflect your loss.

Health changes

Your vitality and physical condition may begin declining as you age. It is wise to make sure your estate plan reflects any changes in your health.

Have your powers of attorney and advance medical directives reviewed in the new year to ensure they reflect your health care wishes and needs.

For those who do not yet have a plan, you can use the upcoming year to get legal guidance on estate planning in Tennessee. You will feel relief and peace of mind knowing you have protection in place for your assets and family.