3 Reasons Why You Should Update Your Estate Plan

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Estate Planning

DALL·E 2023-02-02 10.18.04 – happy family sitting around a dinner table, digital art

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Posted On February 2, 2023

Estate planning is a critical aspect of financial planning that helps ensure your assets are distributed according to your wishes after your death. Estate planning documents, such as a will or a living trust, are legal documents that outline how your assets will be distributed and managed after your death. However, it’s important to review and update these documents regularly to ensure that they accurately reflect your current circumstances and wishes.

Reasons to Review and Update Estate Planning Documents

Life Changes: Life changes, such as the birth of a child, the death of a spouse, or a change in assets, can all impact the distribution of your assets after your death. Reviewing and updating your estate planning documents ensures that these changes are reflected in your documents.
Tax Law Changes: Federal and state tax laws change frequently, and changes to these laws can impact your estate plan. For example, changes to estate tax laws can affect the distribution of your assets after your death. Regularly reviewing and updating your estate planning documents can help ensure that your plan complies with current tax laws.
Protection of Beneficiaries: Reviewing and updating your estate planning documents regularly can help ensure that your beneficiaries are protected in the event of your death. For example, if you have named a beneficiary who is no longer able to manage their inheritance, you can update your estate plan to provide for a different beneficiary.

Steps to Reviewing and Updating Estate Planning Documents

Gather Your Estate Planning Documents: Before you start reviewing and updating your estate planning documents, gather all of your estate planning documents in one place. This can include your will, living trust, power of attorney, and other estate planning documents.
Review Your Documents: Review your estate planning documents carefully to ensure that they accurately reflect your current wishes and circumstances. Make a list of any changes or updates you want to make to your documents.
Consult with an Estate Planning Attorney: Before making any changes to your estate planning documents, it’s important to consult with an estate planning attorney who can help ensure that your changes are legally sound and that your estate plan complies with current tax laws.
Update Your Documents: After consulting with an estate planning attorney, make any necessary changes to your estate planning documents. It’s important to ensure that your changes are properly executed to ensure that they are legally binding.
Store Your Documents Safely: After your estate planning documents have been updated, store them in a safe place where they can be easily located after your death. You should also make sure that your executor or trustee knows where your estate planning documents are stored.

Estate planning is an important aspect of financial planning that helps ensure your assets are distributed according to your wishes after your death. Regularly reviewing and updating your estate planning documents is essential to ensure that your estate plan accurately reflects your current wishes and circumstances. By taking the time to review and update your estate planning documents, you can help ensure that your assets are distributed according to your wishes after your death.

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