Updating an estate plan

Updating an estate plan

| Jul 12, 2021 | Firm News |

Does your estate plan reflect your current goals and wishes, or is it a reflection of your state of mind back when you first established it? If you identify with any of the situations outlined below, you may want to consider making changes to your will, trusts, powers of attorney and other estate planning documents.

You got divorced

Divorce upends everything, often including wishes concerning inheritance. If you don’t update your estate plan upon getting divorced, your assets may go to people you would rather leave out, and you may leave out loved ones you want to take care of.

Your assets have changed value

If the house or other property you bequeathed to a family member has seen a significant change in value, it may be time to revisit your estate plan. People often leave different types of property to different heirs, but what was fair when you first drafted your will may no longer be so given the property’s current value.

Trusted allies are no longer available

Estate planning involves appointing trusted people to carry out important tasks for you. This includes powers of attorney who will make important financial or healthcare-related decisions for you in the event you are no longer able to make those decisions for yourself. Also included are executors and trustees who will administer your estate after you pass away. If any of these trusted people are no longer able to carry out their duties, or are no longer the best choices for their roles, you should replace them with new appointees.

Whether you are creating an estate plan for the first time or need to revisit one, talk with an experienced estate planning lawyer who can help you make the best decisions for you and your loved ones.