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Law Offices Of Dwight W. Clark L.L.C.
Law Offices Of Dwight W. Clark L.L.C.

Call Today to Schedule an Appointment

Local 410-505-8680 | Toll Free 888-523-6081

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Why is it so important to keep your estate plan up to date?

On Behalf of | Nov 30, 2021 | Estate Planning |

There are numerous mistakes that people make when it comes to estate planning. Firstly, people often think that there is no need to plan what happens in the event of their death. Often, this is fueled by the misconception that estate planning is only relevant to extremely wealthy individuals. 

Even when a person does choose to make a will or implement other estate planning instruments, they often make the error of believing that no further consideration is required. However, it is rare for life to remain static. Consequently, your final wishes may change over time. As a result, it is important to look at the key reasons why your estate plan needs to be updated

Your business interests might change

Whether you are employed or self-employed, your circumstances can change. If you have moved to a position that pays a higher salary, you may want to look at how your estate plan reflects this. 

You may already have an established business that you are planning to sell, or you might be considering opening up a new one. In either scenario, you will want your final wishes to remain relevant. Staying on top of your estate plan can mean that the proceeds of your financial activities stay in the right hands. 

New family circumstances

Often, the dynamic of your family can change significantly. For instance, you may have a newborn child. In other cases, you may be pursuing a divorce or getting married. In any of these situations, you want to ensure that your final wishes benefit the people most important to you. 

Estate planning can have a positive impact on both you and your loved ones. When planning for the future, it is important to understand your legal rights.