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Home Real Estate

The Importance of Updating Your Estate Plan

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One of the most important things you can do for your estate plan is to update it regularly. This will ensure that it reflects your current situation and any changes in laws that affect your plans.

When you update your estate plan, you should also update any ancillary documents such as powers of attorney, health care directives and nominations of guardians. These ancillary documents are often overlooked when updating your estate plan but can significantly impact your estate and beneficiaries.

Changes in Family Dynamics

Changing family dynamics can make it more important to update your estate plan. Revising your documents can ensure you leave behind guidance for your loved ones, whether because of changes in your family structure or financial goals.

One of the most significant changes in families today is fertility rates. While in the past, men and women married for life and children were raised by their parents, today, there are many different options for marriage, co-residence and parenting.

Another change in family dynamics is the rise of blended families. Blended families include people who have been married multiple times and often have children or stepchildren from their previous relationships.

As a result, financial planners need to take the time to understand the specific needs of blended families before making recommendations on an estate plan. This includes being sensitive to potentially strained relationships between stepparents and stepchildren when a biological parent passes away and creating programs that allow parties to part ways upon death in a peaceful manner.

Changes in Financial Goals

Many people have financial goals – things they want to accomplish with their money. These goals include paying off debt, saving for retirement, or contributing to a child’s college education.

Goals are a great way to ensure you make the most of your hard-earned money. They also help you develop a healthier relationship with your finances and become more accountable for the decisions that impact your financial future.

Creating a plan with specific financial goals can be challenging, but it can be an effective tool for building financial wellness. Developing and achieving your goals will give you focus, motivation, and confidence.

Your financial goals may change over time, so updating your estate plan annually is essential to ensure they stay current and meet your needs. Estate planning services include reviewing changes in your assets, changing your family dynamics, and other major life events that can affect your goals.

Changes in Assets

If you have accumulated new assets, you should review your estate plan to ensure it accurately reflects your wishes. For example, you might want to update your project so that a specific asset passes to only one child after your death.

Similarly, changes in state and federal estate tax laws can also affect your plan. You should check with an experienced estate planning attorney to determine if your existing project complies with current tax law.

Life events like marriage, the birth of a child, and adoption can also make it necessary to update your plan. This is especially true if you’ve previously included a spouse in your project but have since divorced or are in a relationship with another person.

Changes in Residence

Every three to five years, you should review your estate plan. This is because life, your family, people, and the laws surrounding you change over time.

Changing your residence can have significant implications for your estate plan. You may need to update your will and other estate planning documents, such as Powers of Attorney, Living Will, and Advance Medical Directive, to ensure they are valid in the new state.

Many states also have different rules and benefits for their residents. This can affect your estate taxes and who benefits from your estate.

As a result, it is essential to consult an estate planning lawyer like Fort Worth Estate Planning law firm Baker-Heath PLLC to ensure you have the correct documents to minimize the impact of taxes. It is also necessary to ensure that your advance directives comply with the law of your new state and that all provisions of your wills and trusts are enforceable in your new jurisdiction.

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