There are many myths and misconceptions in relation to Estate Planning. Have you stopped to think about whether there is any truth to any of them?
Estate Planning Myth #5: I had my Will and LPAs drawn up years ago, so I don’t need to think about it any more.
Whilst it is always good to feel like you have ticked certain important tasks off your “to do” list, estate planning should not be viewed as a “sort it and forget it” exercise.
It is always a good idea to review your documents every few years to make sure they still reflect your wishes and that they take into account any changes which have happened to you, your family and the law since making them.
If you don’t update your documents, you run the risk of not dealing with some aspects of your estate. Investments, valuables and properties may go completely unnoticed. Accounts may not be considered, and the things you’ve worked so hard for might not pass to the right people.
View more Estate Planning Myth Busters in our Blog