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Is it time to update your estate plan?

On Behalf of | Dec 13, 2023 | Estate Planning

Effective estate planning is important for managing your financial future and ensuring your wishes and assets receive proper handling.

You should never just create your estate plan and forget about it. Life changes, and so should your estate plan. An outdated estate plan can lead to complications and might not reflect your current intentions.

Significant life changes

Of the 34% of adults in the United States who have an estate plan, 20% have not updated theirs in the last five years. If you have experienced major life changes like getting married, divorced, having a child or losing a family member, you need to revisit your estate plan. These events can significantly affect your estate planning needs and should reflect in your plan.

Asset changes

If your assets have significantly changed, either through acquisition or changes in value, you should update your estate plan. This includes buying property, starting a business or significant shifts in the value of your current assets.

Moving to a new state

It is also important to update your estate plan if you move to a different state. State laws on estates and trusts can differ, and what worked in one state may not be optimal or valid in another.

Tax law changes

Stay informed about changes in tax laws as they can impact your estate plan. Updating your plan to adapt to these changes ensures tax efficiency and compliance with current laws.

Regularly reviewing and adjusting your estate plan ensures that it accurately reflects your current circumstances and intentions. Remember, a dynamic and current estate plan is the best way to manage your legacy and ensures your loved ones carry out your wishes as you envision.