Reasons to Think About Updating Your Estate Plan


Why should I update my estate plan?

You have a new addition to your family: If there is a new child or grandchild in your family, you may want to update your estate plan documents to reflect this addition to the family. On the other hand, you may want to omit someone from your estate plan. This may be due to a death in the family or a divorce. It is important that you update your estate plan to reflect your current circumstances.

You moved states: Every state has its own estate planning laws. If you have recently made a move to another state, it is critical that you update your estate plan. There may be differences in the number of witnesses required in order for a will to be valid. Some states may require that a spouse inherits a minimum share of the estate. With these examples in mind, it is important to understand the differences between the state you drafted your estate plan in and the new state that you reside in.

Your retirement plan needs updating: Failing to update the beneficiary designations of IRAs, 401(k)s, and other retirement plans is one of the most common mistakes made in estate plans. Beneficiary destinations control who receives annuities, finances accounts, assets, and life insurance. It is important that you review all of these forms and amend them if that is desired.

Executors or trustees become inappropriate: when life circumstances change, individuals who appoint in our estate plan may no longer be a good fit. If this individual is unable to perform the job as you would wish, someone else may be a more responsible choice. It may also be required to change who is appointed in our estate plan if the individual has passed away, moved away, or aged.

Contact our Firm

The planning and administration of an estate requires experienced legal guidance. If you need an effective attorney to assist you with matters of wills, trusts, and estates, or the taxes associated with them, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.