It is important for your estate plan to always reflect your current life circumstances. To learn the most common reasons to update your estate plan, continue reading and reach out to our experienced estate planning attorney.
What are the most common reasons to update an estate plan?
It may be time to update your estate planning document, especially if your estate plan was drafted over three years ago. The most common circumstances that may require your estate plan to be updated to better reflect your circumstances are as follows:
- You need to update your retirement plan: Forgetting to update the beneficiary designations of IRAs, 401(k)s, and other retirement plans is a common mistake to make. Beneficiary destinations control who receives annuities, finances accounts, assets, and life insurance. It is important that you review each of these forms and amend them if necessary.
- You moved to a different state: Making a move across state borders may mean that your estate planning documents are not accurate. Every state has its own estate planning laws. After a move, this may mean that your estate plan is no longer relevant to the laws of your new home state. For example, there may be differences in the number of witnesses required for a will to be valid. It is also important to consider the fact that some states may require that a spouse inherits a minimum share of the estate.
- Executors or trustees become inappropriate: After time has gone by and life has changed, the individual who is appointed in your estate plan may no longer be a good fit for the role. If you have found that the person appointed in your estate plan is no longer capable of fulfilling this role to your wishes, it is best to adjust your estate plan accordingly. Further reasons to update your appointed individual is if the appointed individual has passed away, aged, or moved away.
- Your family has changed: If your family has gained or lost a new family member, it may be time to update your estate plan documents to reflect this. For example, if your family has grown and you have welcomed a new child or grandchild into your family, you may want your estate plan to be updated with this new family member. On the other hand, you may want to update your estate plan to omit someone from your estate plan due to death or divorce in the family.
Contact our Firm
Marc N. Needelman is an experienced attorney working throughout the state of Connecticut. If you need an attorney who is ready to fight for the financial compensation you deserve, please do not hesitate to contact us to set up a free initial consultation. Our firm deals with matters relating to real estate, personal injury, criminal defense, estate planning, and more.