Founding Attorney
Your estate plan reflects your intentions for the future, but those intentions can change over time. As life brings new opportunities, challenges, and milestones, your plan should evolve too. Relationships shift, families grow, and finances fluctuate. By revisiting your estate plan regularly, you can ensure it still aligns with what matters most to you. Keeping your plan up to date means having peace of mind that your loved ones are protected and that your wishes will be honored when the time comes.
Major Life Events
Major life events often signal the need to update your estate plan. Significant changes in your personal or financial situation can affect your wishes, and revisiting your documents ensures everything is in order. Here are a few key moments when you should consider making updates:
- Marriage or Divorce: Whether you’re tying the knot or ending a relationship, your estate plan should reflect these changes in your family structure.
- Birth or Adoption of a Child: When welcoming a new family member, you’ll want to ensure they’re included in your estate plan.
- Death of a Beneficiary or Executor: If someone named in your estate plan passes away, you may need to adjust your beneficiaries or choose a new executor.
- Major Financial Changes: An inheritance, the sale of a business, or a large investment could impact how you want your assets distributed.
- Health Changes: If your health takes a turn, it may be time to review your plan, including medical powers of attorney and living wills.
Financial Changes
Financial changes are another key reason to revisit your estate plan. As your financial situation evolves, your plan should reflect your current goals and resources. Whether your wealth grows or you face financial challenges, keeping your estate plan updated can ensure that your assets are distributed as you wish. Consider updating your plan in the following situations:
- Inheritance: Receiving a significant inheritance may affect how you want to distribute your estate or increase your need for tax planning.
- Selling or Acquiring a Business: Major business transactions can change your financial outlook and impact your estate distribution plans.
- Investment Growth: If your investments have significantly increased in value, it may be wise to update your estate plan to account for this growth.
- Debt Accumulation: Changes in your liabilities, such as taking on new debt, may require adjustments to your plan to protect your assets and beneficiaries.
Changes in Laws
Changes in laws, especially those related to estate planning, can impact your existing plan. Tax laws, inheritance rules, and regulations regarding healthcare directives or powers of attorney may change over time. These shifts could affect how your assets are distributed, the taxes your estate may owe, or the decisions regarding your healthcare. Keeping up with these legal changes ensures that your estate plan remains compliant and effective. It’s a good idea to periodically review your plan with us to ensure it aligns with current laws and still reflects your goals.
Moving to a New State
Moving to a new state is an important time to review your estate plan. Different states have varying laws regarding wills, trusts, powers of attorney, and healthcare directives. What’s valid in one state might not be in another, and certain aspects of your plan could need adjustments to comply with local rules. For example, probate processes, estate taxes, and marital property laws can differ significantly. To avoid any issues down the road, it’s wise to update your estate plan after a move so that it reflects the requirements and protections in your new state.
Contact an Experienced Dallas & Fort Worth Estate Planning Attorney
At the Law Office of Carey Thompson, P.C., we understand the importance of keeping your estate plan up to date. Our team will work closely with you to review your plan and ensure it reflects your current wishes and complies with any changes in laws or life circumstances. Contact us today to schedule a consultation and take the next step in securing your family’s future.