The start of a new year is a popular time for people to make some changes. They might try a find a more fulfilling job or resolve to quit bad habits.
A new year can also be an excellent opportunity to take care of some administrative tasks that you do not think about much throughout the rest of the year. For instance, you might want to conduct a review of your estate plan.
Why revise an estate plan?
Crafting an estate plan is a critical first step in preserving your wishes and legacy. However, things change over time. People buy and sell property; they lose loved ones and welcome new people into their family; they go through experiences that alter their views and beliefs. Further, the laws can change over time, which could influence planning decisions.
These changes can affect an estate plan in myriad ways, which means that revisiting it to ensure it still aligns with your wishes is critical.
Events that can warrant a revision of your plan
Some specific events that should prompt people to review their estate plan include:
- Marriage or divorce
- Having a child or grandchild
- Moving to a new state
- Reconciliation or estrangement with a family member
- Changes in estate laws
- Experiencing a financial windfall or significant financial loss
- In light of health complications
- After recovering from a serious illness
These and other similar events can change your resources and how you feel about the distribution of your estate. They can also alter the relationships that will be affected by a person’s death.
By updating your plan under these circumstances, you can ensure your plan continues to reflect your wishes. You can also make it easier for loved ones to navigate a difficult time and a complicated legal process.
If you have an estate plan and find changes you wish to make, the attorneys at The Quinn Law Firm are available to discuss your options. You can call 814-833-2222 to talk to us about how to revise your plan.