Once you have finalized your estate plan in Minnesota, you breathe a breath of relief. A burden has been lifted and you suddenly feel at ease about being able to provide direction and comfort for your family when you pass away. At Dunlap & Seeger, we have helped many people with the development of an estate plan that meets their personal needs.
One of the important aspects of having an estate plan is maintaining it and keeping the components up-to-date. Leaving it to sit on a shelf until it is needed is risky should your life’s circumstances change. For example, perhaps one of the heirs you have listed has passed away. Or maybe familial differences have altered your list of beneficiaries. Other changes in your life may leave your estate plan outdated and not as effective as it once was.
According to Fidelity Investments, regularly reviewing your estate plan can help you to identify areas that require modification to remain current and valid. Some of the situations that may require you to make a change to your original document include the following:
- There is a birth or adoption in your family.
- You make a significant investment such as purchasing a home or other piece of real estate.
- Your spouse becomes disabled or experiences an illness that has long-term effects.
- You get divorced from your spouse.
When you make the effort to look through your plan frequently, you can be confident that it continues to be valid the way you originally intended it to be.