Are Estate Plans Permanent Once They Are Made?

Are you considering making an estate plan but wondering if you really need to make one now? There are various myths and misconceptions about estate planning that lead people to wait too long to work with an attorney on important estate planning documents. You may have heard the myths that estate planning is only for elderly people, or that you only need to think about estate planning if you become seriously ill. You might have also heard the myth that, once you make an estate plan, the documents are final and that you cannot change your mind.

Almost all estate planning documents and tools are not only ones that you can revise and change when circumstances change, but your estate plan is something that you should actively revisit on a regular basis to ensure that your plan reflects your current situation. In short, estate plans are not permanent once they are made — not at all — so you should begin working on your estate plan as soon as you can.

Nearly All Components of an Estate Plan Can Be Revised or Rewritten

Nearly all components of an estate plan can be altered or rewritten. In short, you can always change the following estate planning documents and tools as long as you still have legal capacity:

• Will;
• Revocable living trust;
• Beneficiary designations;
• Georgia Advance Directive for Health Care; and
• Powers of attorney.

At any time, you can make changes to the terms of a revocable living trust you have created, and you can change your beneficiary designations on bank accounts, insurance documents, pensions, and more. You can also change the terms of your will and any agents you have appointed in a power of attorney, as well as decisions you have made in your Georgia Advance Directive for Health Care. These documents will often be rewritten, rather than revised, since it is often easier to make a new document that supersedes the previous one.

You Should Be Revisiting, and Potentially Changing, Elements of Your Estate Plan Every Few Years or In the Event of Major Life Changes

As we noted above, not only can you make changes to all of the estate planning tools we noted above, but these are documents that you should be reviewing regularly — every few years even if nothing in your life has changed significantly, and as soon as possible if there has been a major life change such as a death in the family or the birth of a new family member.

Exception of the Irrevocable Trust

Irrevocable trusts are the only estate planning tools that cannot be changed once they are created. Once an irrevocable trust is established, its terms are set.

Contact a Gwinnett County Estate Planning Lawyer Today for Help with Your Estate Plan

Are you unsure about whether you need to create an estate plan? While you might be thinking that you have time to consider this question, it is important to keep in mind that none of us can predict the future. Even if you are young (or relatively young), in good health, or own relatively few assets, estate planning can be crucial for many different reasons. Not only can you make important decisions through estate planning about where your property will go upon your death, but you can also appoint an agent to carry out your financial and health care needs if you become incapacitated, and you can name a guardian for your minor children. An experienced Gwinnett County estate planning attorney at Bowman Law Firm can discuss all of your estate planning needs, based on your individual circumstances, with you today. Contact our firm for more information.

Source:

law.justia.com/codes/georgia/title-53/