Living trust and estate planningThis is the next post in our series on the importance of estate planning for Atlanta, Georgia residents. Our last article discussed how a financial power of attorney can be used to protect your interests. If you become incapacitated or otherwise unavailable then a financial power would designate the person who would be in charge of your affairs. This, in turn, can prevent waste or mismanagement of your assets. In this article we will discuss the importance of keeping one’s estate plan up to date. If you need assistance then contact our office today to speak with a lawyer.

The first reason that your estate plan must be kept up to date is the fact that, for obvious reasons, you may dispose of or acquire new assets after your plan is established. Say, for example, that you acquire a new home after you draft your last will and testament. If you pass away with having never updated your will then, as the house is concerned, it will be as if you died with no will at all. This means that the house may have to be sold and divided amongst your heirs even if you wished for one particular individual to be the one who received it. By keeping your plan up to date you help to ensure that all of the assets in your estate are distributed in the way you see fit.

The second reason for keeping an estate plan up to date is that your relationships with certain individuals may change over time. You may decide that someone to whom you have left assets is no longer a person you see fit to receive such items. Other possible changes to your circumstances involve the birth of new children, a new significant other to whom you are not married, and the meeting of new friends. These are individuals who may potentially be “cut out” if your will is not updated and all of your meaningful assets are included within the document. Again, if you wish to ensure that your final wishes are followed then it is important to keep your last will and testament up to date.

It is generally advised that you update your estate plan whenever you experience a significant life event or whenever your circumstances change dramatically. Such changes can include marriage, divorce, the birth of children, or the death of people listed in your current estate plan. Other significant changes can include substantial appreciation of your assets, your promotion to a new position, or changes to your investment portfolio. These are just a few examples of when it would be best to speak with an attorney.

Contact our Atlanta estate planning lawyers today if you wish to update your will, a Trust, or other important documents. We will use your initial consultation to help you understand all of your options and to help you make the right decisions. We are ready to assist you. We also service areas including Macon, Savannah, Athens, Kennesaw, Marietta, Decatur, Dunwoody, Stone Mountain, Tucker, Alpharetta, Roswell, Sandy Springs, Duluth, Lawrenceville, Lilburn, Norcross, Gainesville, as well as the counties of Bibb, Chatham, Clarke, Cobb, DeKalb, Fulton, Gwinnett, and Richmond. We also assist those elsewhere in the state of Georgia and throughout the United States.

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