There are many reasons why it is beneficial to update your estate plan and significant changes in your personal or professional life are just one example. If you add new children, including grandchildren, if you get married or divorced, or if you have recently moved to a new location, it’s a good idea to work with a qualified estate planning attorney.
If you have experienced significant changes in your personal financial situation, you may need to review your estate plan. This is true anytime your net worth changes for the better or for the worse. If you have received new assets since creating your estate plan, you’ll want to review and make sure that your estate still properly disposes of these assets and in the manner in which you hope to achieve it.
You may be able to shift some of your wealth to family members and help to minimize tax burdens as well. However, you may have accumulated significant debts and you may want to work on plans that will help to reduce the loved ones’ burdens if you pass away or to help protect specific assets from falling into the hands of creditors.
Regardless of whether or not your financial situation has gotten better or is undergoing current challenges, this is a good reminder to work with a qualified and knowledgeable estate planning attorney to help you with this process. A dedicated estate planning lawyer is there to guide you through each aspect of your plan and helping you to make critical updates as needed. You should always feel confident that your estate plan accomplishes what you hope.