Some Palm Beach residents are under the impression that, once they execute an estate plan, they cannot ever change it. Fortunately, wills are not set in stone. One of the best things about estate planning is that it can change as people’s lives do.
When an estate plan is set up, it reflects how a person’s life is at a certain point in time. When children are born, couples get divorced or loved ones die, those changes could affect the plans one has already made. This may be why some people wait. Perhaps they believe that, after they are through growing their families and their estates, they should worry about drafting a will.
The problem with that is that no one knows what the future holds. If something happens to an individual before an estate plan is in place, it could cause unnecessary expenses and turmoil for surviving family members. Yes, it may not be pleasant to consider passing away, but it may be even more unpleasant not to have the chance to choose who will care for minor children if it happens too soon. Instances like this are what make estate planning and having a will important for everyone.
Even without children, wills allow people to determine who will receive any assets left behind. Many Palm Beach residents may not want to give up that control but do not want to feel as though they are stuck with a certain plan. Fortunately, that is not the case. When a change happens in life that requires a change in how matters are handled after death, an estate plan may be modified, adjusted or changed to suit the wishes and goals of an individual.