Life is unpredictable, and families, goals and careers will almost certainly change over the years. While a Tennessee adult cannot predict what will happen in the future, there are steps he or she can take that will provide a measure of control over certain things. One of these things is drafting an estate plan. If one is already in place, life changes should prompt changes in an estate plan.
Estate planning is a way to control wealth, make health care decisions and create a legacy for loved ones and beneficiaries. When things change in life, it is crucial to make sure that necessary adjustments are made to plans and documents. This may mean updating beneficiary designations, changing a will or naming a different person as a power of attorney.
Failure to make changes can lead to complications in the future. Some of the most common reasons people need to update plans are divorce, marriage, or the birth of children. Updates should reflect current situations. Out-of-date plans could leave wealth in the wrong hands or important decisions with the wrong person. Every few years, it is worthwhile to evaluate plans and determine what changes are important. This is an important step in protecting one’s legacy.
An estate plan should change as life changes. Adding certain tools and adjusting certain things will provide a sense of security regarding the future and long-term interests. A Tennessee estate planning attorney can evaluate an existing plan and provide guidance regarding what steps are necessary for full protection and control.