Estate plans are vital for everyone’s financial and physical well being. Not only can you decide what happens to your assets after you pass, but you can instruct how your legal, business, and health care matters are to be dealt with if you are unable to make decisions. Despite having established a plan, it is important to revisit and update your estate plan in order to prevent any major issues that would affect your loved ones down the line.
Some of the issues that could arise in the future include:
Changes in Family/ Beneficiaries
Family dynamics can change frequently and updating your estate plan after a major change such as a marriage, divorce, or the birth of children and grandchildren every few years will ensure your estate will go to who you really intended it for.
Changes in Assets
Updating your list of assets will prevent your beneficiaries from encountering issues with assets that are still listed, but you had sold or given away prior to your passing. Failure to update your estate could create legal hurdles for your beneficiaries, including having to appear in probate court in order to obtain certain assets.
Addressing Your Death (If You Haven’t Already)
Failure to address what will happen to your remains and final arrangements at the time of your death will greatly intensify the difficult time your family will have in making your final arrangements. We understand that this is a difficult topic to discuss, but updating your final arrangement will ease the burden your loved ones will have in the future.
Changes in Tax Law
Tax laws can change eventually, and an outdated estate plan could be affected by new legislation that could require you to may more taxes on the properties you own. When new tax laws are passed, schedule an appointment with your estate planning attorney to ensure what steps you need to take in order to avoid being negatively affected by new legislation. It is a good idea to schedule a yearly appointment to review your current estate plan.
Call our office today and Ms. Jafari will be glad to assist you.