Estate planning is not a one-time task; it requires regular updates to ensure that your wishes are respected and your loved ones are protected. Life is full of changes, and your estate plan should reflect these changes to remain effective. Here’s a guide on when and why you should update your estate plan:
Why Update Your Estate Plan?
- Changes in Personal Circumstances: Significant life events such as marriage, divorce, the birth of children, or the death of a spouse or beneficiary can necessitate updates to your will, trusts, and beneficiary designations.
- Changes in Assets: Acquiring new assets or selling existing ones can impact how your estate is distributed. Ensure that your estate plan reflects these changes to avoid unintended distributions.
- Changes in Laws: Estate planning laws can change, affecting how your assets are taxed or distributed. Regular updates ensure that your plan complies with current laws.
- Changes in Health: If your health status changes, you may want to update your advance health care directives or powers of attorney to reflect your current wishes.
When to Update Your Estate Plan
- Every Few Years: It’s a good practice to review your estate plan every three to five years, even if there haven’t been significant changes. This ensures that your plan remains relevant and effective.
- After Major Life Events:
- Marriage or Divorce: Update beneficiary designations and consider changes to your will or trust.
- Birth or Adoption of Children: Name guardians and update beneficiary designations.
- Death of a Beneficiary or Executor: Replace them in your will or trust.
- Significant Asset Changes: Update your plan to reflect new assets or changes in asset values.
- After Changes in Health or Incapacity: Review your advance health care directives and powers of attorney to ensure they align with your current wishes.
How to Update Your Estate Plan
- Consult with an Attorney: Work with an experienced estate planning attorney to ensure that updates are done correctly and comply with current laws.
- Review All Documents: Go through your will, trusts, powers of attorney, and beneficiary designations to ensure they are up-to-date.
Communicate with Beneficiaries: Inform your beneficiaries about changes to your estate plan to avoid confusion or disputes.
Updating your estate plan regularly is crucial for ensuring that your wishes are respected and your loved ones are protected. By staying proactive and working with a competent estate planning attorney, you can maintain peace of mind knowing that your plan is current and effective.
To learn more about updating your estate plan or to schedule a consultation, you can contact:
Name: The Eastman Law Firm
Address: 4901 W. 136th Street, Ste. 240Leawood, Kansas66224
Phone Number: (913) 908-9113
Website: www.theeastmanlawfirm.com
