Estate planning can be complicated. There are so many considerations you’ll need to make that it’s very likely you’ll forget some key details.
It’s not uncommon, however, for people to forget to do something with their estate plan. The following are several things to keep in mind about your estate plans:
1. Get two witness signatures
You wouldn’t want to make an estate plan and have it be invalid. Otherwise, your heirs could lose out on their inheritance and you wouldn’t have your final wishes met. Instead, to ensure your estate plan is valid, your legal documents may need two witness signatures. This way, your estate plans will have the backing of two people who can say for certain that you weren’t making plans under duress or being coerced.
2. Update the estate plan regularly
Most people make an estate plan and forget about it. However, there’s a lot that happens and an estate plan that isn’t regularly updated can quickly become invalid. In most cases, people may want to consider updating their estate plan every couple of years. Several of the following reasons may lead people to want to update their estate plan before two or three years pass:
- Beneficiary’s death
3. Keep pace with changing laws
The laws are changing every year. Some laws may affect your estate plan, especially in regard to taxation, but most people don’t realize this. When you’re updating your estate plans, you may need to be aware of your legal rights and watch for any changes that might drastically alter your wishes.
In most cases, people seek out legal help to ensure everything in their estate plan is covered and they understand all of their options.