Many Maryland residents know that creating a plan for any situation can take time and effort. This belief is no different for estate planning, and individuals who are concerned with their plans have the opportunity to revisit and make changes as they see fit. This action may help individuals ensure that their financial and emotional situations at any time coincide with the information reflected in a will and other documents.
Because financial situations can fluctuate over years, it is important that individuals update their estate plans when changes occur. Not taking such an action could cause a complication in which the information stated in a will is not consistent with the status of certain financial accounts or assets. Similarly, beneficiaries named could change over time as deaths and births occur, and individuals will likely want to name new beneficiaries as they see fit.
Changes may also be necessary when it comes to naming individuals to roles of responsibility, such as powers of attorney. If estate plans were created early in a person's life, they may have named parties to those roles that were trusted at the time. As they grow older, some individuals may prefer to put their adult children into those roles or may otherwise need to make changes should the named individuals no longer be able to perform those duties.
Taking the time to create a thorough estate plan can be a rewarding experience. However, Maryland residents may wish to remember to keep those plans in line with the changes they may face throughout their lifetimes. Updating a will, trusts, appointments and other estate planning documents could save loved ones from stress and confusion in the future.
Source: minutemannewscenter.com, "Keeping the peace among adult children in estate planning", Nathaniel Sillin, March 22, 2016