Creating an estate plan isn’t a one-and-done task. To create an estate plan that will effectively protect your assets and your loved ones, you need to revisit it and make updates when needed. To give you an idea of when you might need to update your estate plan, our team here at Estate Law Partners, LLC has put together a list of events that will require you to make changes.
Updating Your Estate Plan
Your estate plan can quickly become outdated if you experience major life changes or if there are new tax laws that will affect your estate. Since it’s difficult to keep track of changes that will affect your estate plan, you should plan to review your documents at least once every three years. Your estate planning attorney can help you determine what changes you will need to implement.
Below, we have put together a list of events that will require you to modify your estate plan:
- You have a new child or grandchild: Welcoming a new member of your family is always an exciting time. If you want to include your newly born or adopted child (or grandchild) in your inheritance, then you will need to revisit your estate plan.
- You were recently married or divorced: If you have been married, divorced, or widowed, you will need to make changes to your estate plan. Doing so will ensure your plan fully protects your loved ones in the event something unexpected happens to you.
- You moved to another state: If you moved to another state, it is vital that you update your estate plan as soon as possible. Some estate planning laws don’t carry over in other states. Therefore, you will need to update your estate plan to ensure that your property in other states and your medical directives are protected.
- Your increased assets or incurred debt: If there was a major change in your assets or liabilities, you should renew your estate plan to ensure it reflects your new estate. You will need to verify that your new assets are accounted for.
If you need assistance updating your estate plan, contact our Madison estate planning attorneys today at (608) 292-5185 to schedule a consultation!
