Life changes—so should your estate plan. Whether you’ve experienced a major life event, acquired new assets, or simply changed your preferences, regularly updating your estate plan is essential to ensure it aligns with your current wishes. Here’s how to keep it up to date.
Review Your Estate Plan Regularly
Set aside time to review your estate plan every few years or after significant life changes, such as marriage, divorce, the birth of a child, or financial shifts. This ensures all documents accurately reflect your circumstances and intentions.
Update Beneficiary Designations
Wills and trusts aren’t the only estate planning documents that need attention. Life insurance policies, retirement accounts, and payable-on-death accounts often list beneficiaries, and outdated designations could lead to unintended distributions.
Modify Wills & Trusts as Needed
If your financial situation or family structure has changed, revising your will or trust can help ensure assets are distributed according to your latest preferences. A legal professional can assist in making necessary amendments.
Consider Power of Attorney & Healthcare Directives
Ensure your power of attorney and healthcare directives still name individuals you trust to make decisions on your behalf. If relationships or circumstances have changed, updating these documents is crucial.
Seek Legal Guidance for Major Changes
Estate laws evolve, and changes in tax regulations may impact your estate planning strategy. Consulting an experienced estate planning attorney ensures compliance with current laws and protects your assets.
For expert assistance, consider reaching out to The Eastman Law Firm:
Contact Us Today
Name: The Eastman Law Firm
Address: 4901 W. 136th Street, Ste. 240Leawood, Kansas66224
Phone Number: (913) 908-9113
Website: www.theeastmanlawfirm.com
Your estate plan should always reflect your most up-to-date wishes. Regular reviews and thoughtful updates can help safeguard your assets and ensure peace of mind for you and your loved ones.