Honest Representation
Practical Solutions

Brent D. Ratchford photo

Is it time to update your estate plans?

On Behalf of | Feb 11, 2022 | Estate Planning |

Creating an estate plan is one of the most important parts of preparing for what happens after your death. According to AARP, if you have a will or other estate documents, you are among just 40% of American adults who do.

However, just setting up your estate plan is not enough. Here are some indications that it is time to review your plans.

Your intentions have changed

If anything about your original intentions has changed, you need to update your estate documents to provide for your new wishes. For example, if you no longer trust the person you designated as the executor of your will, you should choose someone else right away.

You moved to a new state

Make sure your will and other estate plans comply with the laws of your current state. Differences in state legislation can have big implications for estate taxes and the probate process.

Your family got bigger or smaller

Whether you have married or divorced, had a child or lost a loved one, you will likely need to make adjustments to your plans, such as designating new beneficiaries or appointing a guardian for a minor.

You have received a serious diagnosis

If you are seriously ill or diagnosed with a disease that could impact your ability to make decisions, you should ensure that your estate plans provide direction concerning your health, including who will make medical decisions for you if you are no longer able to.

Regardless of the circumstances in your life, review your estate plans periodically to ensure they are compliant with changing laws and that they best reflect your wishes.