Can I update my estate plan? When should I do it?
Estate planning is not a one-time event; it's an ongoing process that should be reviewed and adjusted as your life circumstances evolve. Here are some common reasons for updating your estate plan:
Change in Family Situation: If you get married, divorced, have children, or if your family structure changes in any way, you may need to revise your estate plan to include or exclude new beneficiaries or change the distribution of assets.
Relocation: If you move to a different state or country, the laws governing wills and trusts may be different, so it's essential to ensure that your plan complies with the local laws.
Changes in Assets: If your financial situation significantly changes, either through an increase in wealth or a decrease due to financial setbacks, you should review and adjust your estate plan to reflect these changes.
Changes in Health: If you or a beneficiary experience a decline in health, it may be necessary to update your healthcare directives, powers of attorney, or long-term care plans.
Changes in Beneficiaries: You may need to add or remove beneficiaries due to life events such as births, deaths, marriages, or divorces.
Changes in Executors or Trustees: If the people you've named as executors, trustees, or guardians are no longer suitable or available, you should make new appointments.
Tax Law Changes: Changes in tax laws can affect your estate planning strategies. You may need to adjust your plan to minimize estate taxes or take advantage of new tax-saving opportunities.
Changes in Wishes: Sometimes, you may simply change your mind about how you want your assets distributed or your healthcare managed. It's important that your estate plan reflects your current wishes.
Changes in Business Interests: If you own a business, changes in your business structure or partners may necessitate updates to your business succession plan.
Retirement: As you approach or enter retirement, your financial goals and objectives may change, requiring adjustments to your estate plan to align with your retirement plans.
Keep in mind that simply having a will or trust is not enough; you must ensure that these documents accurately reflect your current wishes and situation. Regular reviews and updates help ensure that your estate plan remains effective and achieves your intended goals.
At McAdams Estate Law Planning we provide comprehensive services to help clients establish and update their estate plans. Whether you're creating a new estate plan or revising an existing one, McAdams Estate Law Planning can offer you the expertise and support needed for a well-crafted and effective plan.
If you are looking to update an existing plan, or establish your initial estate plan, please contact McAdams Estate Law Planning and to speak with an attorney and get started today.