Why is it Important to Keep your Estate Planning Documents Current and Secured?

Estate planning is important to ensure that your estate is properly distributed to your loved ones based on your exact wishes, and it is often overlooked by estate owners in spite of its importance. If you have taken the time to create an estate plan, you have taken the most important step in estate planning, but your estate documents still have to be maintained.

It is easy to have estate documents created and then store them away in a safe place and forget about them, but they will need to be updated from time to time. Although there is no set period of time where your Gilbert estate planning documents will need to be updated, there are certain life circumstances that may require them to be updated such as a divorce, death of a beneficiary, or another change in marital status. If you move to a different state you will need to update your documents to reflect the estate law of that particular state.

Other changes that might require an update in your Gilbert estate planning documents include adding a major asset to your estate or selling one, changes in tax law that need to be updated in your documents, or other changes in your financial portfolio that might require updating your Gilbert estate planning documents. You may also make changes to your medical power of attorney or change the executor of your estate, which would require an update in your Gilbert estate planning documents.

You should store your Gilbert estate planning documents in a secure location so that they cannot be tampered with or lost. It is best to have at least two hard copies of your Gilbert estate planning documents as well as digital copies with backups of the digital copies. That way your Gilbert estate planning documents can be updated in their digital format as needed.

Your estate planning documents need to be current and reflective of your current financial state. It is best to contact an estate planning professional from time to time to find out whether your Gilbert estate planning documents need to be updated based on your most recent life changes.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.