An estate plan is not a "set it and forget it" document. As your life changes, your plan must adapt to protect your assets and loved ones. At Weaver, Bennett & Bland, P.A. in Matthews, North Carolina, we believe proactive reviews are essential. This guide covers when and why to update your plan.
A Guide To Updating Your Estate Plan
Major Life Events Trigger a Review
The most common reasons for an update are significant personal changes. This includes a marriage, divorce, the birth or adoption of a child, a new home purchase, or a significant change in your financial status. Failing to update your plan after these events can lead to unintended consequences for your beneficiaries.
Re-evaluating Your Beneficiaries and Fiduciaries
Your relationships and circumstances evolve. We recommend you regularly review not only who receives your assets (beneficiaries) but also who is in charge. Ensure your chosen executor, trustee, or healthcare power of attorney is still the right person for the job and is willing to serve in that role.
Assessing Your Current Assets and Liabilities
Your financial picture is constantly in flux. Your estate plan must reflect all your current assets, including new properties, investment accounts, or business interests. Likewise, it must account for new liabilities, such as mortgages or business debts, to ensure your plan functions as intended.
Changes in Estate Planning and Tax Laws
Federal and state laws governing estates and taxes change frequently. A plan that was perfectly structured five years ago might be inefficient or non-compliant today. Consulting an estate planning attorney ensures your documents are optimized for the current legal landscape and that your assets are protected from unnecessary taxation.
Don’t leave your legacy to chance with an outdated plan. If it's been more than three years, or if you’ve experienced a major life event, contact us. The estate planning attorneys at Weaver, Bennett & Bland, P.A. are here to provide the expert guidance you need right here in Matthews, NC.