When you have a substantial collection of assets, it's necessary to continuously update your estate plan. The last thing you would want your family to have to go through is probate court because certain assets weren't listed in your estate plan.
It's a good idea for everyone to keep up on their estate plans, no matter how much money they make or how many assets they own. For those with many assets, keeping updated helps you understand how your taxes or the taxes of those you love may be influenced upon your death. Any changes to the laws can be addressed, and you can change beneficiaries or representatives as and when you see fit.
Approximately nine out of 10 people who are accomplished business owners don't have updated estate plans. The problem with this isn't just that the plans are older; they could be missing out on ways to save money or to protect their assets. Laws change often, so a yearly or even bi-yearly update could save you a lot of trouble.
Finding the time to update your estate plan might seem difficult, but the risks associated with not doing so aren't worth allowing. You can talk to your attorney about following up yearly or bi-annually to adjust and update your estate plan. Some years, no changes may be needed, but in others, major changes to laws or your circumstances may require changes to be made to protect you and your loved ones. Our website has more on what you can do to protect your estate after your death.