When was the last time you reviewed your estate plan? If you can’t remember or if it has been a while, you might want to consider doing so. Otherwise, you risk having an estate plan that no longer reflects your present wishes or life circumstances.
Here is what to do to ensure your estate plan is current.
Review major life events
Significant life events like marriage, divorce or birth of a child necessitate a revision of your estate plans. For instance, you may need to update guardianship provisions in your will if you’ve recently had a child. Similarly, revising beneficiary designations and powers of attorney after a divorce is crucial to aligning your estate plan with your new situation.
Consider any relevant legal changes
Estate planning laws and tax regulations frequently change, and an estate plan that was effective a couple of years ago might no longer be optimal or compliant with current regulations. Keeping abreast of any legal changes that can impact your estate strategy can help you avoid any potential issues.
Factor in any shifts in your financial situation
If you’ve acquired new assets or made substantial investments, ensure your estate plan aligns with your current financial situation. An estate plan that doesn’t reflect your updated financial status can lead to complications and unintended consequences, such as disputes among your beneficiaries.
Update your plans for incapacitation
Revise your healthcare directives, living will and medical power of attorney to align with your current wishes for medical care. Ensure these documents specify your healthcare preferences, end-of-life care and organ donation to avoid confusion or disputes.
Reach out for legal guidance
There is no one-size-fits-all approach to updating your estate plan, as everyone’s family and financial situation is unique. Seeking qualified legal assistance can help provide personalized guidance as you navigate the complexities of effectively revising your estate plan.