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3 situations where you should update your estate plan

On Behalf of | Nov 7, 2022 | Estate Planning |

An estate plan is a valuable way to ensure that future generations will benefit from your hard work and accompanying wealth. However, an out-of-date estate plan can complicate your final wishes.

Here are three situations that warrant an update to your estate plan.

1. Your assets change

Your estate planning documents should reflect asset changes, like an increase or decrease in cash or acquiring or selling property. For example, if your stock portfolio performed exceptionally well, you should include your gains in your estate plan.

2. You want to change your beneficiaries or estate manager

People and relationships change all the time. If you have a beneficiary listed on your estate planning documents that you no longer want to receive a portion of your estate, you should update the plans immediately. Likewise, to ensure new additions to your life inherit some of your assets, like grandchildren or a spouse, you should add them to your documents. Additionally, if the person you have appointed to manage your estate is no longer a good fit, do not waste time finding someone to fill the role and incorporate them into your legal plans.

3. You are moving out of the state

Estate planning documents do not always transfer smoothly between states. If you are moving to a new state, make a fresh estate plan a priority.

An updated estate plan is one of the most effective and efficient ways to provide for posterity. If your estate planning documents are not current, you should revamp them sooner rather than later.

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