Many people in Georgia draft estate plans and fail to review them for years. Individuals who have estate plans should review them regularly and make changes as needed after major life events. There are several other factors that should also prompt a review of an estate plan.
If people do not have all of the components drafted and in place, they should make certain to draft the additional documents to include in their estate plan. In addition to wills or trusts, people should also have advance directives and financial powers of attorney in place. If people have not updated their beneficiaries or executors since they first drafted their estate plans, they should also review them. There may be new beneficiaries to add. If the executors have passed away, new ones will need to be named.
People might also want to address how their personal belongings will be distributed after they die. If they do not do this, their families may experience significant conflict. Individuals who have not included this information in their wills might want to update them by adding codicils. People should also review their life insurance policies to make certain that they will perform as they are intended.
Making certain that estate plans are complete and up to date is important. People who have plans but have not reviewed them in some time might want to meet with their estate planning lawyers. Attorneys may review the plans and make suggestions about how they might need to be modified or updated. This may help to make certain that the plans offer the greatest benefit under the current law while also distributing the assets as their clients intend.