How do you know when it’s time to update your estate plan? If you have an older estate plan or if any of the following circumstances resonate with you, it may be time to reach out to a qualified estate planning attorney to determine if your plan still meets your needs, or if there are some changes that need to be made to your documents.
Changes in personal or financial circumstances: Significant life events such as marriage, divorce, birth or adoption of a child, the death of a beneficiary, or a substantial increase or decrease in assets may require updates to your estate plan.
Changes in relationships or beneficiaries: If you want to add or remove beneficiaries from your estate plan, or if there have been changes in your relationships with existing beneficiaries, it may be necessary to update your plan.
Changes in laws or regulations: Tax laws and estate planning regulations change frequently. It's important to review your estate plan periodically to ensure it aligns with current laws and takes advantage of any available tax benefits. We recommend reviewing your estate plan with a qualified attorney every two (2) years to ensure that your plan conforms to the current tax laws and estate planning regulations in effect.
Relocation to a different jurisdiction: If you have moved to a different state or country, it's essential to review your estate plan because the laws governing wills, trusts, powers of attorney and other estate planning documents can vary between jurisdictions.
Changes in wishes or preferences: Your priorities or goals may evolve over time. If you've experienced a shift in your wishes regarding asset distribution, guardianship designations, or healthcare decisions, it may be necessary to update your estate plan.
Remember, this is not an exhaustive list, and your individual circumstances may warrant additional considerations. Consulting with an estate planning attorney can help ensure your plan reflects your current needs and objectives.