Believe it or not, 2019 is already upon us. As you enter into the new year, you may be thinking of making some adjustments in your life and creating new goals. This is the perfect opportunity to revisit your estate plan.
Even if you have an existing plan in place, it is vital to review it to ensure it reflects your wishes and family situation. A lot can occur in a single year, so it does not hurt to double-check that your documents are relevant to your needs and intentions. Here are some of the main reasons it is a good idea to reassess your will, trust and other documents in the new year.
Changes in your family
Your family may go through minor or major changes within the span of a year. In fact, a lot of things can happen in just a few days, weeks or months. Maybe there is a new child or grandchild in the picture. Perhaps one of your beneficiaries sadly passes away. Another possibility is someone in your estate plan getting a divorce, which is fairly common after the holidays.
As another year is in the rearview mirror, you may notice some medical problems start to worsen. Health conditions are an unfortunate reality of aging. You may want to enact or change your living will or power of attorney to accommodate any medical problems you are dealing with or may face in the future. Additionally, you should consider the age, physical health and mental capacity of anyone you appoint in important positions, such as the executor, trustee or guardian.
When time passes, your opinions and views may adjust too. As you reflect on your life during the new year, you may realize your existing estate plan is not accurate any longer. Your estate planning documents should always reflect your new desires.