Is It Time To Update Your Estate Plan?
By Myka Landry
Many people think that once they have an estate plan in place, there is nothing else they need to do. That is not the case.
I recommend that you update your estate plan every two to three years or if there is a major change in your life. No, this isn’t a way for me to make more money. It’s a way to make sure your plan is updated to accommodate changes in the law, your financial situation and/or your family situation.
At my office, we try to make your estate planning documents as flexible as possible so they adapt to many situations. But you may need changes to your plan if:
A beneficiary passes away.You get a divorce.You enter into a second marriage.You adopt a child.Your children have become adults.You receive an inheritance.You start a business.You close a business.You buy real property in another state.Federal laws change.Tax laws change.
During a review, I will tell you how your current estate plan is affected by whatever change you have made in your life. And then I’ll help you decide whether you need to modify your plan.
I’ll also look at recent changes to federal laws and the tax code. Let’s face it. It’s not easy to keep track of what the government does. Like most qualified estate planning attorneys, I stay abreast of what your elected officials are doing and how it can impact you.
This review is also a time for you to remember what is included in your estate plan. You will be reminded of the people you appointed to various roles, such as guardians or executors, and think about whether you still want them in these positions. You can also review your beneficiary designations and asset ownership to make sure they are still the way you want.
At Myka Landry Law, we strive to build relationships with our clients so we can follow them as their life progresses. We want them to feel free to call us if there is a life change that may impact their estate plan. For that reason, there is no charge for the phone call and often we can tell our clients very quickly if their change will affect their estate plan.
If you aren’t one of our current clients, we’re also available to review your existing estate documents. We want to work with you so you can make an educated decision on whether an update is warranted.