Your estate plan is in place for the purpose of ensuring that your wishes are carried out and your assets are divided per your wishes. However, what many people fail to realize is that there are various situations that can cause these wishes to shift over time. Exacerbating the need to update your estate plan is the fact that if it fails to reflect your current circumstances or the current laws, there can be a variety of negative consequences for your loved ones. But how do you know when it’s the right time to update your estate plan? Here are the top 3 reasons to do so.
1. A significant life event has occurred.
From marriages and births/adoptions to divorces and the death of a loved one, there are many significant events over the course of our lives that warrant us to update our estate plan – or at least to revisit it. These events can impact whom you’ve chosen to administer your estate or even whom you’ve chosen to receive your property.
It’s important to note that if you have a trust that you wish to update, you don’t necessarily have to redo the whole thing, but instead, you can amend it. However, if there are a significant amount of changes that you wish to make, it’s probably just easier to do a restatement and start over.
2. Where you live or work has changed.
If you have relocated where you live or where you work, it’s important that you revisit and possibly update your estate plan. This is because different states have different laws. Therefore it’s necessary that your estate plan adheres to the laws of the new state to which you’ve moved. (It’s also important to determine whether you will need to re-title your new home as it’s listed in your trust.
For those who own a business, if you have changes to the ownership you should consider updating your estate plan as well as give thought to creating a business succession plan for what should transpire in your absence.
3. You haven’t looked at your plan in a long time.
We totally understand – life gets in the way and often the last thing on your mind is to think about your estate plan. However, if you haven’t looked at your plan in a long time you may no longer be in compliance with current laws or you may even be missing out on advantages associated with new laws.
Additionally, you may also consider making changes now that time has passed if your children are now grown adults. You may choose to make one of them administrators of your estate.
Surovell Isaacs & Levy PLC Can Help Those in VA with their Estate Planning Needs
You deserve to have a comprehensive estate plan that adequately meets your needs and desires. This is why it’s in your best interest to consult with a knowledgeable and experienced estate planning attorney.
At Surovell Isaacs & Levy PLC, we understand the importance of protecting your property, your rights, and your loved ones. To learn more or to schedule a consultation, contact us today!
Posted in: Estate planning/Trusts