It’s a question many people don’t think to ask, but it is an important one. Your estate plan outlines how your estate will be managed and handled after you pass away. Therefore, it is important to keep this document up-to-date as life changes. If you’re not sure how often estate plans should be updated, Moye Law Office is here to help. We are estate planning attorneys with the experience and expertise necessary to guide you through the estate planning process and make sure your estate plan reflects your current needs and wishes. 

Here are 8 Tips on When to Update your Estate Plan

Choosing the right attorney is essential, as there are many things at stake in a real estate transaction. Our attorneys will be able to guide your real estate clients through the process, protect their interests, and help them avoid any potential problems.

Marriage or Divorce

If you get married or divorced, the estate plan should be updated to reflect those changes. This includes adjusting beneficiaries and estate distributions as necessary.

If you have recently been married or divorced, it is important to ensure your estate plan reflects the new status. This includes updating any beneficiary designations or making sure that your estate plan includes provisions for both people if applicable. It is also important to update any legal documents such as a will or power of attorney. An estate planning lawyer can help review any documents and make sure they are up to date with the latest changes.

At Moye Law Office, our estate planning attorneys have experience helping clients through difficult estate planning issues associated with marriage or divorce. We understand how important it is to make sure all documents reflect your current situation and we strive to provide tailored estate plans for each client.

Having a Child

When you have a child, it’s important to update your estate plan to include them as an heir and beneficiary.

When you have a child, estate planning becomes even more important. You need to ensure that your child is taken care of in the event of your death or incapacitation. It is also important to consider who will be responsible for caring for and making decisions on behalf of your child should something happen to you. An estate planning attorney can help you determine who that person or persons should be and create a plan for them to ensure your child’s well-being.

At Moye Law Office, our estate planning attorneys can assist you in creating an estate plan that is tailored to meet your needs. We understand the importance of having a comprehensive estate plan that takes into account all of the necessary elements, including providing for your children. Our attorneys are here to help you navigate the estate planning process and ensure that your wishes are followed.

Inheriting Money or Property

If you receive a large inheritance, estate plan updates should be made to include the money or property and detail how it will be distributed.

When you inherit money or property, it is important to update your estate plan as soon as possible. This can prevent many problems down the road, including unexpected tax consequences and other legal issues that could arise upon your death. The best way to ensure that your estate plan is up-to-date is to speak with an estate planning attorney at Moye Law Office. Our estate planning attorney can review your estate plan and make sure that everything is in order with the new inheritance. We can help you adjust your estate plan to reflect the changes, as well as create new documents if needed. By updating your estate plan when you inherit money or property, you can rest assured knowing that all of your wishes are taken care of.

Moving to a New State

Estate plans may vary by state, so if you move to a new state it’s important to review estate plan documents and make any necessary changes.

If you are moving to a new state, it is important to update your estate plan. Estate planning laws may vary from one state to another and so it is essential to make sure that all of your estate documents comply with the laws in the new state. An estate planning attorney at Moye Law Office can help you review your estate plan and make sure that everything is up-to-date and in compliance with the new state’s laws. Updating your estate plan when moving to a new state will provide peace of mind knowing that everything is in order.

Large Changes in Income

Significant changes in income may require estate allotments to be altered, so updating estate plans accordingly is important.

If you experience a large change in income, it is important to update your estate plan. This can include an increase or decrease in income, such as from a job loss or promotion. When this happens, estate allotments may need to be adjusted accordingly so that the estate is managed properly when you pass away. An estate planning attorney at Moye Law Office can help you review your estate plan and make sure that everything is up-to-date. We can also create any new estate planning documents that are needed, such as a will or trust, to take into account the changes in your income. Updating estate plans regularly when there are large changes in income will ensure that everything is taken care of properly when it comes time for estate distribution. This will provide peace of mind knowing that all of your assets are accounted for and that your estate plan is in order.

Large Changes in Income

When beneficiaries change, estate plan documents should be updated to reflect this new information.

If you want to ensure that your estate plan is up to date and relevant, it's important to update your estate plan when you change the beneficiaries on life insurance policies. Life insurance policies are often included in estate plans as a way of providing financial support for family members or other loved ones after death. If any changes have been made to who  your beneficiaries are, you’ll want to make sure your estate plan reflects those changes. This may involve talking to an estate planning attorney at Moye Law Office and making some adjustments to your estate plan documents. It's important to keep your estate plan current, so that you can be sure that your estate assets will be distributed as intended.

Estate Tax Changes

Fluctuations in estate taxes may require estate plan updates, so make sure you stay informed of estate tax changes.

Estate taxes are always changing and can have a significant impact on estate plans. It is important to keep up with estate tax changes, as they may require estate plan updates in order to ensure that your estate will be handled according to your wishes. If estate taxes have been altered since the time you created or last updated your estate plan, it's time to look into estate plan updates. Working with an estate planning attorney at Moye Law Office can help you review your estate plan and make the necessary changes to ensure that it is still relevant in light of any estate tax changes. We can also provide advice on how best to structure your estate plan, so that it is both effective and compliant with estate tax laws.

Change of Heart

Your goals and wishes may change over time, so it’s important to review estate plans periodically and make amendments as necessary.

It is natural for estate plans to change over time. As our goals, wishes and priorities evolve, estate plan updates may be necessary in order to ensure that estate assets will be handled according to your most current wishes. If you have had a change of heart since the time you created or last updated your estate plan, it's important to look into estate plan updates.

In conclusion:

When it comes to estate planning, it is important to update your estate plan when there are significant life events or changes in income. Additionally, estate plans should be reviewed every three to five years to ensure that the document still reflects your wishes and is up-to-date with estate planning laws. Make sure your estate plan reflects your current wishes and needs by knowing when to update it. Let the estate planning attorneys at Moye Law Office guide you through this process and ensure your estate plan is legally sound and up-to-date. Contact us today for more information about estate planning services.

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