When Is It Time to Update Your Estate Plan?

Estate plans and wills are designed to protect your assets and allow certain family members or friends to receive what you own once you pass away. Although many people have estate plans, they often fail to update them periodically. Here are a few situations on when it’s time to update to estate plan to keep it current.

Your Affections Change

It’s common to have a change in affection when it comes to the people who you value and feel close to in life. You may have a new grandchild or have a death in the family, which makes it necessary to update the estate plan with Edmonton lawyers to ensure the right family members names are included or removed. Revising the document can avoid conflict and legal battles between your loved ones.

Your Liabilities or Assets Change

You may acquire new assets or sell a home, which is reason enough to contact Edmonton lawyers to update your estate plan with the increase or decrease in your estate’s value. Review how you want the property and assets to be divided with a reassessment that will make for a smoother process once you pass away.

If you’re ready to update your will or make changes, visit the Edmonton Wills & Estate Lawyers website or give them a call at 587-400-4037.

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