The only constant in life is that it is constantly changing. Relationships begin and end, children grow up and move on, and loved ones pass away. Due to the shifting nature of our lives, it only makes sense that your estate plan should be updated with some frequency to ensure that it reflects your current situation and wishes. We can help you review your estate plan and determine whether any changes need to be made.
We have been helping people plan for the future for nearly 22 years. Whether your estate plan is decades old or relatively new, we can guide you through each aspect to ensure that your wishes will be carried out how you see fit.
When should you consider updating your estate plan? The obvious answer is whenever you experience a substantial change in your life's circumstances, such as a death, divorce, or a remarriage that results in a blended family. However, even if nothing in your life has changed and you still wish for your assets to go to the beneficiaries named in your initial estate plan, it can still be valuable to look over your documents.
Changes in the law can impact your estate plan. Congress makes changes to the estate tax laws with some regularity and your beneficiaries may find themselves facing a more significant tax penalty than you had initially contemplated. Privacy laws are another area of concern and they may make it harder for your loved ones to learn of your medical status or to make medical decisions on your behalf. In addition, technology changes and a large portion of our lives now exist online; it is important to ensure that your loved ones have access to your passwords and digital accounts.
There is no hard and fast rule for how often you should review your estate plan. Obviously, anytime there is a divorce, remarriage, or a death in the family, it is wise to review and update your estate plan. Barring any substantial change in circumstances, we generally recommend that you review your estate plan and meet with a lawyer to go over any potential changes every three or four years. Even if we didn't initially prepare your estate plan, we are happy to look things over and to help you better effectuate your goals, if necessary.
It never hurts to have a qualified lawyer review your estate plan. There may be issues that come up that you had never considered. Contact us online or call 253.858.5434 to schedule an appointment to discuss your situation.