4 Reasons You Should Regularly Update Your Estate Plan

There are many people who mistakenly think that an estate plan is something that is formulated once and never looked at again until you pass away and your estate needs to be administered. However, in truth, your estate plan is something that should be reviewed with your estate planning attorney on a regular basis. This will help to ensure that your wishes will be seen to once you pass away.

What is an Estate Plan?

The reality is that an estate plan is a fluid plan of action which dictates what you would like to have happen to the assets of your estate after you pass away. Not only that, but your estate plan can also name different people to make financial and medical decisions on your behalf if you’re unable to do so. As the years go by, it’s possible that different aspects of your life may change which is one of the leading reasons why you should always take time to review your estate plan periodically.

4 Examples of Why You Should Update Your Estate Plan on a Regular Basis

Realistically, the list of reasons why you should update your estate plan is one that could be quite long. However, there are a few factors in these considerations that are more important than others which include:

  1. A beneficiary passing away
    When a beneficiary of your estate passes away, this should be a sign that you should take another look at your estate plan. While it’s true that your estate plan should have specific wording in your plan which accounts for this type of death, it would greatly benefit you to restructure your estate plan to account for this death.
  2. A change in your designations
    One of the most important decisions that you will need to make when it comes to your estate plan revolves around who will serve as your executor, trustee or power of attorney. If you have had a falling out with one of the individuals that you previously named to this position, then you should take time to review your estate plan and make updates to it. The last thing that you will want is to leave a person that you have had issues with in charge of administering your estate.
  3. Your financial situation has changed
    Your financial situation is something that can easily change in the blink of an eye. Whether you have come into an abundance of money or whether your estate is worth much less in future years, reviewing your current financial status and how it is reflected in your estate plan is something that should always be done. In fact, partnering your estate planning attorney with your financial advisor is something that you should take advantage of as often as possible.
  4. Estate planning and tax laws change
    Each state is unique when it comes to the types of estate planning or tax laws that they have. Depending on the year, there may also be changes to the federal tax laws that should be taken into consideration regarding your estate plan. Your estate planning attorney will be able to provide you insight as to whether your estate plan needs to be updated depending on the changes in these laws.

Schedule Your Appointment to Review Your Estate Plan Today

If some time has passed since you last reviewed your estate plan, our team is here and ready to help you. We take an individualized approach to estate planning and walk you through the different options that you have when it comes to making these important decisions in your life.

To learn more about your estate planning choices or to schedule your estate planning review, please get in touch with us today! Call 941-914-9145 to fill out our contact form and we will be in touch to schedule a meeting.