Estate plans are critical in every person’s life, but they are not a one-and-done deal, where you create it and leave it alone forever. An estate plan is something that evolves, changes and grows with you.
Not only does an estate plan help you manage your assets, but it also helps ensure you take care of your family when you are no longer around, which most people consider a priority.
Life changes
Whether it’s a new marriage, the birth of a baby, or the death of a loved one, family dynamics can change over time, and these events can significantly impact your estate plan.
Updating your estate plan every time one of these changes occurs ensures that your will and plan reflect what you want for your beneficiaries, minor children, other family members and more.
Personal finances
Your finances will change throughout your lifetime, and you may experience ups and downs in your income, savings and investments.
If you accumulate a new asset, wish to leave it for a specific child after passing, or sell an asset you no longer want, updating your plan ensures your executor knows your wishes.
Tax laws
Tax laws change all the time. The tax code is highly complex, so everyone always recommends having a tax attorney check and double-check everything for certainty. Your estates and trusts attorney has the knowledge they need to navigate these tax law changes as they apply to you.