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People need to update their estate plan as they age

When people are younger, they may create a simple estate plan. This plan may be in place to make sure that an individual's children are well taken care of in the event that something happens to them. For example, a will can name a guardian for children in the event that a parent passes away.

However, as a person ages, his or her estate planning goals may change significantly. Children can grow and no long need a guardian. Wealth may accumulate and need to be management, or an individual's health may take a turn for the worst and they may need to plan for their medical care.

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