Estate Planning: When to Review and Update
There are few guarantees in life, but one thing that’s for certain is that life is constantly changing. It’s full of surprises, both expected and unexpected.
When it comes to estate planning, creating a comprehensive plan is important, and most people feel a sense of well-being and peace knowing that their estate is taken care of and their loved ones are protected. Just because you have an estate plan, however, doesn’t mean you should throw it in a drawer or filing cabinet and forget about it. You should review it periodically to make sure it’s still accurate. There are also several life events that should prompt an estate plan review.
Divorce – divorce is one of the primary reasons you should review your estate plan. You will want to update your beneficiary designations, update your will, change your powers of attorney, and make other important updates.
Death – if a spouse dies, you should update your estate plan. You should also update your documents if someone named in your estate planning documents passes away.
Distrust – relationships evolve over time. If you no longer feel that someone named in your estate planning documents is trustworthy, it’s time to name a replacement. For example, perhaps you have grown apart from a friend named to serve as alternate agent in your power of attorney. If this person is no longer an appropriate choice to make decisions on your behalf, you should review your estate plan.
Descendants – if you have welcomed a new child, you should update your estate plan.
Declining Health – if you or your spouse is experiencing health problems, it’s important to review your estate plan. You may need to adjust your estate documents or finances.
Down the Aisle – marriage is a big step; it’s also a good reason to review your estate planning documents and update where necessary.
Disaster – a natural disaster or other unanticipated crisis can damage assets and disrupt finances. Review and update your estate plan if necessary. This is especially important for business owners who sustain losses due to disasters.
Disability – if a loved one develops a disability or a child is born with a disability, you should work closely with an attorney to revise your estate plan. This type of planning can be complicated, so don’t wait to speak to an experienced attorney at law.
Springfield, Missouri Estate Planning Law Firm
At the Law Offices of Randy L. Smith, LLC, we help people create estate planning documents that provide peace of mind. Call today at (417) 841-2775 to speak to an experienced estate planning lawyer about your case.
This website has been prepared by The Law Office of Randy L. Smith, LLC for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.