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Blog 2018 July Reasons to Update Your Estate Plan
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Reasons to Update Your Estate Plan

Posted By Law Office of Kathryn Marteeny || 24-Jul-2018

Designing an estate plan can be a time-consuming and emotionally complicated legal process. Once the paperwork is signed and notarized, people tend to make the mistake of assuming they’re 100% protected for the rest of their lives. While an old estate plan can protect you to an extent, it’s still recommended that you visit an estate planning attorney every few years to update your plan.

Estate Plans Reflect Your Life in the Present

Your estate plan is most effective when it’s updated to account for your current lifestyle. The person you were 10-20 years ago is not the same person you are today. Likewise, your estate plan may be lacking important information and necessary beneficiary changes if it reflects your old life circumstances.

Your estate plan needs to be updated for significant life changes, including:

  • Career changes
  • Births or deaths in the family
  • Marriage or divorce
  • Property purchases
  • Illness or disabilities
  • Changes in financial circumstances

Agents and Beneficiaries

A key reason to update your estate plan is that you may need to make additions or revisions to your chosen agents and beneficiaries. For example, your estate plan includes several important documents protecting your medical choices and financial assets. You need to alter these forms if your agents or beneficiaries are deceased, negligent, or no longer in your life. On a more positive note, you may want to add new family members and friends who have entered your life in the last few years.

Your Financial Situation

One of the key reasons people create estate plans is to ensure their assets and property are appropriately distributed upon their deaths. You probably worked with an estate planning attorney to complete your will and establish any necessary revocable or irrevocable trusts to protect your assets from probate court and taxes. However, as you go through career changes and face retirement, your financial circumstances no longer match your old estate plan documents. This is also true for any property you’ve sold or purchased since your initial drafting. Probate court has to appraise and process any financial assets and property that exist outside of your will and trusts—this includes any assets listed in pour-over wills.

Taxes and Probate

A benefit of estate planning is that federal, state and estate taxes have a limited impact on any assets you’ve placed in a trust. This protection doesn’t apply to any assets outside of your trust. Federal and state tax laws change and update every so often, and not always to the benefit of your estate plan. It’s in your best interest to periodically review your plan with an estate planning lawyer to account for any tax law changes.

Update Your Estate Plan Today

If you’re interested in updating your estate plan, contact the Law Office of Kathryn Marteeny. Our estate planning lawyers can educate you on updated estate laws and make necessary changes to your plan. Our goal is to protect your interests and your family from probate court.

Contact the Law Office of Kathryn Marteeny at (713) 936-2300 to schedule a consultation.

Categories: Family Law, Estate Planning

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Law Office of Kathryn Marteeny
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