Over the years, many details in a person’s life can change. As a result, when individuals create their estate plans and time goes by, it is important that those plans are reviewed periodically. In some cases, a life event can trigger the need for an update, such as having a child, and in other cases, it may just be time to refresh one’s memory regarding what was included in the plan.
Though Colorado residents do not have to update their estate plans every time something minor happens in their life, making updates is important. For example, a person’s plan may detail where loved ones can find important assets. If the testator later changes the location of those assets, it may be worthwhile to at least let family members know about the change or update the documents containing that information so that loved ones are not at a loss as to where to find those assets later due to misinformation.
Additionally, going over ownership details of certain assets and whether beneficiaries have been named can help ensure that a plan stays current. If individuals have not named beneficiaries or if they no longer want certain individuals to act as beneficiaries, making those changes is wise. Inaccurate, missing or outdated information may only cause more delays and difficulties for family members later on.
Because estate plans essentially leave instructions for surviving loved ones on how to handle remaining matters, making those instructions as clear as possible could have immense benefit. If Colorado residents have already created a plan but have not looked at it in a few years, it may be time for a review. In the event that something needs changing, interested parties can move forward with those changes with professional legal help.