When Should You Update Your Estate Plan?

Is It Time To Revise Your Will Or Other Parts Of Your Estate Plan?

Estate planning is a vital component of financial management and responsibility for one’s own affairs over a lifetime. For many people, it is also an integral part of taking care of one’s family and/or supporting worthwhile causes. Examining your values to arrive at clearly articulated goals and creating testamentary documents are key aspects of sound estate plans.

Once you have put a well-thought-out estate plan in place, you may have a sense of accomplishment and peace of mind. In addition, you can rest assured that whoever takes care of your affairs past your lifetime will be empowered to do so in alignment with your wishes.

However, creating an estate plan should not be seen as a one-time event. Life circumstances and fortunes are dynamic, not static, You may decide to make updates after consulting with an estate planning lawyer about changes in your needs and goals. Some of the most common reasons for modifying estate plans include:

• A move out of state. Probate laws and requirements for validity of a will may differ from one state to another, Furthermore, a move often goes along with some other fundamental life change, such as marriage, divorce, a career change or retirement. Such changes often mean it is time to review your estate plan with an attorney to make sure it is complete and still applicable.
• A change in family structure and makeup. Any of the following may well mean that your estate plan could be outdated: Your marital status has changed due to marriage, divorce or widowhood. One or more of the intended beneficiaries of your assets after death has experienced a change of this type. You have become a parent for the first time or your only child is no longer living. You may now have a disabled child or grandchild who will need assets in the future. An experienced estate law attorney in your state can help you determine whether it’s time to make changes.
• A change in financial status after acquiring or losing significant assets.
• A change in retirement accounts and projected resources.
• A renaming of executors (personal representatives) or trustee(s).

Perhaps you have realized that your existing estate plan was not complete to begin with, and you need to add another power of attorney or trust. Or maybe you want to double-check to ensure that all your assets that should be in a trust are now properly titled. Anything that makes you wonder whether you should talk with an estate planning lawyer means that the answer is yes, you should. Estate planning done right can be one of life’s greatest investments.

Schnauss Naugle Law In Jacksonville Is Here For Your Estate Plan Updates

Our estate planning lawyer will gladly review your current estate plan and make recommendations. You will work with attorney Katherine Schnauss Naugle directly, beginning with the initial consultation. Call (904) 643-6242 or email us to schedule a consultation at your convenience.