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Why Everyone Needs to Keep Their Estate Plan Updated

As the world and its laws continue to evolve, everyone needs to keep their estate plans up to date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual's current legal and financial situation should be considered to create a comprehensive estate plan tailored specifically to their needs.

Ensure Your Wishes Are Respected

The primary reason to update an estate plan is to ensure that an individual's wishes are respected upon death. For example, suppose an individual has recently acquired valuable property or has had changes in family structure (such as marriage or children). In that case, updating the documents that outline how assets should be distributed is important. If the documents are not updated, this could lead to disputes between family members and legal complications when probate occurs. Additionally, if laws change at the state or federal level, those changes need to be incorporated into the existing estate plan to remain valid and effective. 

Ensure Your Loved Ones Are Protected From Tax Implications

Another reason for updating an estate plan is for future tax planning purposes. Without proper planning and asset allocation, taxes can significantly reduce the amount that beneficiaries receive after one's death. Additionally, some states have transfer taxes on certain assets (such as real estate), which must be factored into one’s estate planning decisions. In addition, changes in Federal tax law may affect whether other taxes, such as capital gains tax, applies at the time of death or while transferring assets during life – thus providing additional incentive for individuals to review their plans regularly with their advisors and make necessary updates when necessary. 

Ensure Your Medical Decisions Are Handled With Care

Estate planning also encompasses contingency plans in case of incapacity due to illness or injury – commonly referred to as disability planning. This means creating end-of-life documents such as Advance Health Care Directives which list specific instructions about medical treatments that should be administered if certain conditions arise – such as if a person suffers from dementia or a traumatic brain injury and can no longer make decisions on their behalf. This planning can provide peace of mind knowing that an individual’s wishes will be respected even if they cannot make decisions themselves due to illness or injury. 

Ensure You Leave a Legacy For Your Loved Ones

Finally, updating an estate plan allows people to express gratitude for those who have helped them over the years - whether it be through providing advice on financial matters or being there simply by offering emotional support during difficult times - by including them in a legacy interview with our firm. Specific instructions can also be included in your plan regarding how charitable donations should be handled after death - enabling individuals who wish to donate part of their wealth to leave behind a lasting legacy that furthers causes they believe in long after they pass away. 

Keep Your Estate Plan Up-To-Date

In conclusion, having an up-to-date estate plan helps ensure that your wishes are respected upon incapacity or death; protects you from unnecessary taxes; helps with disability planning; and allows you the chance to express appreciation towards those who have had a positive impact on your life while still alive. Therefore, estate plans should consider current circumstances and anticipate future events to avoid any potential problems. As your Personal Family Lawyer, we hold regular reviews of your estate plan through the stages of change in your life or every three years. Contact us today with your questions about your current plan and if you need an update.

 


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*THE FAMILY WEALTH PLANNING SESSION*

Click the photo to learn about my unique planning process, which starts with a Family Wealth Planning Session:

  
*MEMBERSHIP*

Many of the issues in today's article are addressed throughout membership with yearly family meetings. Once you finish your planning, we can help you keep your plan up-to-date and keep your family up to date as well. Membership also offers loads of perks like unlimited communication on your legal needs and more. Just one more way Legal Mama goes above and beyond as your Personal Family Lawyer for Life!

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This article is a service of Sarah Breiner, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.  That's why we offer a Family Wealth Planning Session,™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. What is a Personal Family Lawyer®? A lawyer who develops trusting relationships with families for life.

You can begin by contacting Sarah today to schedule a Family Wealth Planning Session.

 



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