Making an estate plan isn't something that can be done one time and then left alone. Readers of this blog have probably read about the need to update an estate plan periodically. While there isn't any hard and fast rule about when an estate plan should be updated, there are some basic guidelines to consider that might interest Oklahoma residents.
Because tax laws change periodically, you should check your estate planning documents to make sure that your estate is properly set up to make the most of tax laws. This can help to ensure that your heirs will get everything you want them to get.
Life changes are another instance in which updating your estate plan is necessary. If you open a new business, close a business, get a divorce, get married, have children, or make any other big changes, you should check your will to ensure it meets your wishes.
Now, if you are wondering why you should update your estate plan, the answer is two-fold. Not only will updating your estate plan help to ensure that your assets are properly distributed, it will also help to ensure that there isn't a dispute over your estate plan. Outdated estate plans and estate plans that don't cover all the bases are often the subject of dispute.
An important part of updating your estate plan is ensuring that it is legally enforceable. Knowing current laws can help you to ensure that your wishes are legally and properly conveyed.