Everyone, no matter their age or net worth, needs to have an estate plan. Why? Because an estate plan provides guidance to your loved ones on how your assets are to be distributed when you pass away. If you do not leave behind an estate plan, you are essentially leaving your property and heirlooms in the hands of the court system and government.


In addition to creating an estate plan, you need to make sure you update it regularly to incorporate changes that may have occurred in your life. If you have a substantial estate, it is especially important for you to frequently check and update your estate plan. For example, if you have business assets around the globe, property in multiple states, etc. you need to be prepared for how to navigate new state, federal, and international regulations that may create opportunities and challenges for your estate.


Unfortunately, many people fail to engage in an annual or even bi-annual update of their estate plan. In fact, Forbes reported that nine out of ten business owners have an estate plan, but the plan was created more than five years ago. At the same time, the general recommendation is that an estate plan be reviewed and modified at least every two years.


Speak to an Experienced Renton Estate Planning Attorney Today


Estate planning is not a one-off event. It is something you need to incorporate throughout your life. An experienced and skilled Renton estate planning attorney with the Law Offices of Dan Kellogg PLLC can assist you in putting together a detailed and specific estate plan and assist with updating the estate as time goes on. Learn more by contacting our office today.