Creating an estate plan is an important step in protecting your family and assets, but it's not a one-time event. Your life is constantly changing, and your estate plan should reflect those changes. Here are some reasons why and when you should review and update your estate plan:
Life Changes: Major life changes such as marriage, divorce, birth or adoption of a child, or the death of a loved one can all impact your estate plan. These changes may require you to update your will or trust, designate new beneficiaries, or revise your power of attorney.
Changes in Assets: Changes in your assets may also require updates to your estate plan. For example, if you acquire new property or a business, you may need to revise your will or trust to ensure that these assets are distributed according to your wishes.
Changes in Laws: Estate planning laws can change over time, and it's important to review your estate plan to ensure that it's still up-to-date and compliant with current laws. For example, changes in tax laws may require updates to your estate plan to ensure that your estate is properly structured to minimize taxes.
Changes in Health: Changes in your health may also impact your estate plan. If you become incapacitated, you may need to revise your power of attorney or healthcare directive to ensure that your wishes are still being followed.
So when should you review and update your estate plan? As a general rule of thumb, we recommend an annual review with your attorney to discuss the myriad of changes that typically occur over the course of a year. This will help ensure that your estate plan is always up-to-date and accurate which will protect from potential disputes after your passing.
At LS Carlson Law, we understand the importance of keeping your estate plan up-to-date. Our experienced attorneys can help you review your estate plan and determine whether any updates are necessary. Contact us today to schedule a consultation and learn more about how we can help you keep your estate plan current and effective.
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