What are your New Year’s resolutions? You may want to consider updating your estate plan as one of them. It is important to update an estate plan regularly. But, why?
Updating your estate plan allows you to protect your legacy and focus on life changes, such as finances, family and health. As time passes, your wishes may change, and so it can help to make them clear with a revised will or trust. Here are some questions to have as you consider updating your estate plan
When should you revise your estate plan?
It is often recommended that people update or at least review their estate plan every three to five years. Besides having a change in assets, there may be other reasons to update an estate plan, including the following:
- Out-of-state move: Each state has its own unique estate planning laws. If you recently moved or are planning on moving this new year, you may need to make revisions around new state laws.
- Marital status: You may have recently gotten married or divorced. These types of life changes almost always call for estate planning revisions.
- Children: You may need to consider altering your estate plan to focus on your children or grandchildren.
- Health changes: Health issues or simply feeling your age could make you reconsider what you do with your estate plan.
At least regularly reviewing your plan in light of your current goals can help you focus on what you find important.
What should you change in your estate plan?
The main focus when updating an estate plan is itemizing new assets. However, you may also want to make changes to your living will. You may need to change your power of attorney to someone who knows your needs. You may also need to name a legal guardian to protect your child’s future.
To learn more about your estate planning options, you can reach out for legal guidance by contacting the Quinn Law Firm at 814-833-2222.
