When Is It Time to Update Your Will and Estate Plan?
Don’t Neglect Updating Your Estate Plan!
Life is constantly changing, and you need to ensure that your estate plan changes with you. While it’s a good rule of thumb to review your estate plan every 3-5 years, significant changes in your personal or financial circumstances should also prompt a review.
Your estate plan, including your will, living will, trust(s), and powers of attorney, is a snapshot of your life at the time it was created. Neglecting to update your estate plan risks your assets ending up in the hands of the wrong people or leaving your heirs with a tangled mess.
Top 8 Reasons You Should Review
Your Estate Plan:
Marital Changes:
Marriage, Divorce, Legal Separation, Death of Spouse
Family Changes:
Death or disability of family member or beneficiary
The birth of or legal adoption of a child or grandchild
Financial Changes: Significant change in financial situation
Fiduciary Changes:
Executor
Trustee
Power of Attorney
Guardian of your minor children
Asset Changes: Purchase of new real estate, such as rental property, a vacation home, or real estate in another state
Location Changes: Move to another state
Business Changes: Creation or purchase of a business
Legal Changes: Significant changes to estate and tax laws (often happening around election years)
Life moves full speed ahead - Don’t leave your estate plan behind!
Legacy Law Firm Can Help You Stay on Top of Your Estate Plan
If you entrusted Legacy Law Firm to assist you with preparing your estate plan, we will send you a reminder every 3 years to help you make sure you don’t forget to update your will and estate plan.
It’s not always clear if a new change is significant enough to impact your estate plan. If you are unsure, we’re happy to sit down and discuss the ins and outs of your life. We pride ourselves on our honest and we won’t recommend updates unless they are necessary. We also offer our existing clients a discounted a fee for review meetings.
Whether you need to review your existing North Carolina estate plan or create a new one, contact us today. We’re here to make the process as easy as possible for you.
