People with estate plans should feel that their assets and loved ones are secure in the future. That’s true, but an estate plan doesn’t mean it ends there. The Grantor of a trust may need to update their estate plans from time to time to ensure that their plans comply with the latest laws and that each asset is included in their planning.

Assets

An estate plan contains all the assets of the Grantor, such as land, bank accounts, vehicles, precious metals, digital assets, etc. A list of all the assets makes it easier for the Trustee to manage and transfer the assets. The Trustee may lose assets during the distribution of the estate if the estate plan’s assets are not updated, which could lead to lawsuits.

Stay up-to-date

Everyone’s situation can change dramatically at any moment, like gaining new family members, such as grandchildren, significant others, and pets. Sadly, divorce, death, and incapacity may likewise happen.

Updating your estate plan every two to three years will ensure that your wishes are met when it matters most. To ensure that no one is left behind, consult with an experienced estate planning attorney.