When Was the Last Time You Updated Your Estate Plan?
- Estate Planning
- November 9, 2022
For many, an estate plan is created and never looked over again – until it’s necessary to do so. But did you know that you should really look at your estate plan as something that grows and changes with you?
Think about what has happened in your life since the last time you looked over your estate plan. Maybe you bought a new home, got married, or welcomed your second child. Each of these events demonstrates exactly why keeping your plan up to date is just as important as creating a well-designed plan in the first place – because life is full of beautiful changes.
And life will continue to offer these changes, especially as you grow older. Your health, financial situation, income, and the overall value of your assets continuously change with you and over time. Plus, the needs of your loved ones will change over time as well. After all, people get divorced, remarry, have children, buy and sell homes, start a business, change jobs, and sometimes they suffer unforeseen financial difficulties like bankruptcy or personal problems like alcoholism.
By having an established schedule to review, and, if necessary, revise your estate plan on a regular basis you’ll be able to account for every change life brings your way, and better protect both you and your loved ones in the process. But, if you believe any recent life events may have impacted your estate plan’s effectiveness, we urge you to have your plan reviewed immediately.
On top of that, the law is constantly changing. Over the years, new laws may take effect and others may be repealed which could make some options for protecting assets less attractive than they were previously or offer new opportunities for wealth preservation and growth. Working with a knowledgeable estate planning attorney as you update your estate plan will ensure you have a strategy in place that will take advantage of every legislative update.
So, whether or not you and your loved ones have experienced any recent life changes, it’s best to have your plan reviewed at least every two years to make sure your existing strategy takes into account any changes to the law, tax code, or financial landscape. It’s a great feeling to know you have thoughtfully prepared for your and your loved ones’ future financial, physical, and emotional well-being with your estate plan. Now, it’s simply a matter of keeping your plan up to date so that the same level of carefully considered protection lasts for years to come.
To learn more about updating your estate plan, schedule an appointment with the estate planning attorneys of Rampulla & Newstad LLP.