Planning for the distribution of your estate in Oklahoma should not be a one-time deal. There are many things that your estate can best prepare for by making a regular series of updates. This will keep your estate from being locked into an arrangement that will satisfy no one.
Estate plan updates should be timely
Estate planning is more of an art than an exact science. This is why it’s a very good idea to review and update your plan on a regular basis. You can do so on an annual, semi-annual, or quarterly basis. This is the best way to catch and fix any flaws in the plan.
If certain members of your family that are named in your estate plan pass away, you will have to remove them and make plans to redistribute their share. You will likewise also have to provide for new members as your family grows and changes.
Estate plan updates benefit your present heirs
You should also update the assets that are placed in your trust. Doing so on a regular basis will ensure that your heirs receive their full value. You don’t want to saddle your heirs with “dead links” to assets that are already drained of their worth. A regular update is a good way to remove assets that have become so devalued that they are more of a liability than a gift.
If you should be divorced, you will need to update your estate plan to reflect on your current marital situation. You want the money and other assets in your plan to be distributed to those who are in your life now and not those who are no longer a part of it.