Planning an estate takes some decision-making and time. Arkansas individuals who have taken the time for estate planning should know that these plans shouldn’t sit collecting dust over the years, but should be updated as life changes. There are some definitive reasons when and why these plans should be updated since keeping them current is in the best interests of loved ones.
If a testator moves to another state, estate plan documents like a will should definitely be updated. Estate plans vary with each state, so this is an important point. These plans should also be updated in the event of marriages or divorces or when a testator wishes to make revisions regarding a charitable organization to which he or she has left money. In life, assets are also changeable and an estate plan should reflect that as well, especially when children are a part of the scenario.
Beneficiary designations should also be updated, especially in regard to retirement plans. When a testator needs to change an executor or a trustee, that should also be reflected in an updated plan. Perhaps the person has died or is simply no longer the appropriate person for the task.
There are many reasons for updating estate planning documents. Arkansas residents who have questions regarding when updating is appropriate or even necessary, might find it helpful to seek the advice of an experienced estate planning attorney. Such advice can be invaluable, especially when they are areas causing confusion. A lawyer will guide his or her client through the process ensuring all changes meet the letter of the law.