What are reasons to update estate plans? Your estate Plan changes with life and life changes requires updating estate plans. Too often, people make the mistake of failing to have an estate plan. Another mistake is to take a document, put it into a safe, and never update it. You may say, “Oh, I’ll get around to it eventually.” What if you run out of time? It is advisable to review your estate plan every year with your estate planning attorney. Family changes and other life changes means updates. Tucker Legal Services supports a Client and Maintenance Plan (ECAMP) to help update your estate plan. Read on to discover some of the most important reasons to update your estate plan.
Updating Estate Plans when Family Changes
Estate plans need updating when family changes happen. When new members are added to your family, whether through the birth of a child or grandchild or through marriage, you need to update your estate plan. Divorce and remarriage definitely needs updating. Updating family relationships in the estate plan safeguards inheritance rights. In some cases, you may also want to remove someone from your estate plan. If the health of a family member changes and there is permanent disability, an update for that family change is recommended. Making changes keeps your wishes intact.
Updating Estate Plan Assets
As marriages mature and assets change, your estate plan needs updating. Life changes may mean assets change. Maybe there is an inheritance to consider? Maybe there are small business assets or intellectual property to include. Different sets of assets require different plans. If you have significantly more or less assets to plan for, you’ll need to revisit your estate plan and make sure it is still appropriate. Situations that can cause your assets to grow or shrink include inheriting money or property from a deceased loved one, selling a business or real estate, or losing an income source.
Moving and Your Estate Plan Updates
Since different states have different laws that regulate your estate plan, you need to review it anytime you move to a new state. The adjustments between states are small; however, amendments may be needed to meet particular laws.
Changing DIY Mistakes
Sometimes a person mistakenly thinks he or she may write on their original Last Will and Testament or on a Trust page to update it. DIY changes is a mistake to correct. Marking on original documents invalidates a Last Will and Testament. Marking on a Trust does not update the Trust. A person may change Personal Property Memorandums by creating a new one, signing, it and dating it. Incorrect changes may void an estate plan and increase probate costs. It is absolutely essential to meet with an experienced estate planning attorney to make sure that the update to your estate plan is performed legally and in the wisest, most effective way possible. Trust terms and Will codicils need to be updated with your estate planning attorney.
Your Estate Planning Attorney
If you have an outdated estate plan that needs updating, contact Sheri Tucker, Esq. with Tucker Legal Services, LLC. at (314) 332-0011. Sheri is eager to help you protect your family’s future, and ensure that your estate is treated in accordance with your wishes when the time comes. Book Now for your consultation.