Four Decades Of Legal Excellence

The end of the year is a great time to revisit an estate plan

| Nov 11, 2019 | Estate Planning |

People are busy. A Virginia resident may juggle many responsibilities as they fight to get to the end of each day. Between holding down a career, taking care of their kids and spouse, managing their home, and handling dozens of other transient tasks they may easily put off important matters that are not pressing or in need of their immediate help.

One important issue that can be easily overlooked over the course of months or even years is the review of one’s estate plan. While many people think that executing an estate plan is something that is done once and can then be forgotten, this is far from true. An estate plan should change and grow with a person as they go through changes in their own life.

For example, after a divorce or marriage a person will likely want to address changes in their family structure in their estate plan. Their testamentary documents may need to be updated to reflect new partners, removed partners, new children, or other modifications. Similarly, an individual who buys or starts a business, sells off assets, or otherwise changes their desires for their end of life planning may need to revisit their plans and make important alterations.

As the holiday season approaches Virginia residents may reflect on what has happened over the course of the last year and the changes that they have experienced in their lives. Those changes should be reflected in their estate plans, and the law firm of Coates & Davenport is available to help individuals make those important modifications into realities.