Should I update my estate plan?

February 4, 2023

I have seen firsthand the importance of staying up-to-date with your plan. One client I worked with had an estate plan that was nearly 20 years old. At the time, it was well thought out and met their needs. However, as their family and financial situation changed over time, their estate plan became outdated and no longer reflected their wishes. Unfortunately, this resulted in confusion and conflict among their loved ones when it came time to administer their estate.

There are several situations that may require a change to your estate plan. Some common reasons include changes in your family situation, such as marriage, divorce, or the birth of a child or grandchild. Changes in your financial situation, such as a significant increase or decrease in assets or liabilities, may also require a review and update of your plan. Additionally, changes in the law or tax code may impact your plan and require adjustments to ensure that your wishes are still being met.

If you are considering making changes to your estate plan, it's important to work with an experienced attorney who can guide you through the process. When meeting with your attorney, be sure to ask questions such as:

1. What changes should I make to my estate plan based on my current situation?

2. Are there any changes in the law or tax code that may impact my plan?

3. How often should I review and update my plan in the future?

4. What do you charge to do an estate plan?

5. Is a revocable or testamentary trust a good idea?

6. What documents should I bring to our meeting to ensure a productive discussion?

By asking these questions and working closely with your attorney, you can ensure that your estate plan is up-to-date and reflects your current wishes.  If you are interested in our firm helping you with your estate plan, please visit our "Contact Us" page or give us a call at (308) 728-3676.

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