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Prepare for a New Year-Review Your Estate Plan.

With the New Year upon us, this is an excellent time to get your affairs in order. Many people put off this important task because they think it's too difficult or they don't want to deal with the hassle. But making changes to your estate plan is actually very easy — and it's important to do every year. And here’s why.

Changes Over the Last Year

The last year may have brought about many changes, and if you have an estate plan, those changes may require updates to your documents. Consider these examples of life changes that might necessitate an update to your estate plan:

  • You got married or divorced.

  • You had or adopted a child.

  • A beneficiary or a fiduciary died.

  • You moved to a new state.

  • Your assets increased or decreased in value significantly.

Of course, this is not an exhaustive list--any change in your life circumstances could potentially affect your estate plan.

Annual Review

We recommend that you review your documents at least once a year to make sure they are still valid and reflect your current wishes. If you have experienced any major changes in the last year, update your estate plan as soon as possible to ensure that your loved ones are taken care of according to your wishes.

While updating your estate plan may not be top of your list of New Year's resolutions, t is an important task to take care of early in the year. Don't wait until it's too late—if something happens and you don't have a valid estate plan in place, your loved ones will have to deal with the consequences. Reviewing and updating your documents regularly will give you peace of mind knowing that you have taken care of everything should something happen to you.

If you need help getting started, contact the team at Scarola Law. We know how important it is to protect your family's best interests and to plan for the future.

On behalf of the entire team at Scarola Law, we wish you a Happy and Healthy New Year!

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