As January comes to a close, it's important to remember that reviewing and possibly updating your estate plan should still be among your new year’s resolutions.
There may be several obvious reasons why you might need to update your estate plan. For instance, a major life event such as a marriage, divorce, birth of a child, or death of a loved one could impact your preferences for asset distribution. Similarly, changes in your financial situation, such as a significant increase or decrease in assets, could warrant a revision of your estate plan.
Other reasons to update your estate plan may not be as evident to you. Estate planning laws are constantly evolving, and it's important to ensure that your plan is in compliance with current laws and regulations. This is particularly important if you own property in multiple states or have significant assets that may be subject to estate taxes.
When considering changes to your estate plan, you should keep in mind the people involved as well. Carefully think through the beneficiaries currently listed in your documents and the means for how they receive a distribution. Also, revisit the people you have named to positions of responsibility, including trustees and personal representatives, agents in your power of attorney and health care documents, and guardians for your children.
Regularly updating your estate plan is crucial to ensuring that your wishes are carried out after you’re gone. Take the time to review and revise your plan with one of our estate planning attorneys. Call us at 248.477.6300.