There are many people who have misconceptions when it comes to developing an estate plan. They mistakenly believes that an estate plan is something that you put in writing once and forget about it until the documents are needed. The reality is that an estate plan is something that you should review with your estate planning attorney on a frequent basis. Here are four reasons why you should take the time to periodically review your estate plan:
- A change in your beneficiary designations
Did you put together your estate plan when your children were minors? Perhaps you designated beneficiaries that have passed away? Maybe there are beneficiaries in your will that you no longer get along with? Neglecting to change or update beneficiary designations could cause your family to struggle when it comes to administering your will because they will not be able to make these key changes on your behalf once you’ve passed away. By updating your beneficiaries now, you will ensure that the right people receive the proper inheritance. - You moved to another state
Moving to another state is a big life event. Once you settle into your new surroundings, you should always take the time to reach out to a local estate planning attorney to set up a new estate plan. Estate planning laws vary from state to state so what may have been valid in your old state may not be allowable in your new one. An estate planning attorney will ensure that you have documents that are enforceable under that state’s laws and mandates. - You need to appoint new fiduciaries
The people that you name as your healthcare or financial power of attorney as well as your executor or trustee of your estate is a decision that should not be taken lightly. Reviewing your estate plan will help you to recognize if there are certain people named to these important positions in your documents which need to be changed. For example, it wouldn’t be uncommon to name your parents as the executor of your estate or your power of attorney when you’re younger. However, as you get older or get married, there will likely be someone else that you would like to name to this position. - There has been a change in your assets
Although the odds of winning the lottery are unlikely for the majority of Americans, there is always a possibility that you may see an increase in your wealth as a result of a better paying career opportunity. While a boost in your income is a great thing for you and your family, it may mean that you need to consider taking advantage of certain estate tax laws so that you can preserve your estate for your heirs. Any substantial changes in your income or wealth should always result in reviewing or developing a new estate plan.
You should always have the peace of mind of knowing that you have an estate planning attorney that you can turn to who will review each document with you to ensure that your affairs are in order. If you need to revisit your current estate plan, our estate planning attorneys are here to help. Whether you have a simple estate or one that has a multitude of intricacies, you can rest assured that our experienced lawyers will be able to help you put together an estate plan that meets your needs. Get in touch with us today.