If you think that extremely wealthy people do not make big mistakes with their property, then a new study conducted by Rothstein Kass proves that you are mistaken. The study details that 75% of the wealthiest of wealthy Americans have estate plans that have not been updated in over three years. If you are thinking, “So what? If the old estate plan still works, why change it,” then the study also reveals that you are wrong about that too. 95% of those with old estate plans had seen significant changes in their lives since they had last updated their estate plans.
Not having an updated estate plan is a very big mistake and a great way to have your property go to people who you do not want to have it. You should review your estate plan every few years. You absolutely should update your estate plan any time your life changes in a significant way. An old estate plan is no plan at all.
Get out your old estate plan today. Review it and make sure that it still does what you want it to do. Next, make an appointment with an estate planning attorney and get it updated.