Estate Planning Mistake: Not Updating Plans Over Time

by | May 12, 2022

Major life event estate planningLike most plans, estate planning isn’t a “set it and forget it” matter. Simply having a plan isn’t enough! To avoid an estate planning mistake your plans need to be updated after major life events – such as marriage, buying a home, having a child, when your child reaches 18, 21, when your child marries, if you divorce, etc. – When your goals shift or when public policy changes, so should your estate plan.

Changes in your net worth, the composition of your estate, job status, residence, and many other factors should also trigger a review of your plan. For example, if you move to a new state, you need to review your estate plan. Legal instruments like wills, trusts, and powers of attorney are state law-driven documents and moving can create issues in your estate plan. Also, changes at the state and federal government level impact estate plans.

Solution:

Revisit your estate plan any time you (or the government) experience a big life change. We can help you avoid an estate planning mistake by reviewing your plan when you move to the area, or when a major life event has occurred, and our experienced attorneys are ready to help you update your estate planning documents should the need arise. We don’t suggest a revision simply for the sake of getting work, though. Our attorneys will freely tell you if they think the plan you have in place is rock solid and doesn’t need to be updated at the time they review it. They’ll also give you insight into whether you need to update any of your assets to assist in having a well-rounded estate plan without holes. Book online to schedule your complimentary initial consultation, or call our office at 719-259-4971.