Your estate plan may become outdated and no longer aligned with your current circumstances. Regular reviews and updates to your estate plan are crucial to ensure your family is properly provided for and your wishes are upheld in the event of your incapacitation or death.

There are various situations that may prompt a need to update an estate plan. They may include:

• Major life events such as marriage, divorce, adoption, births, or deaths
• Changes in financial circumstances
• Changes in personal relationships
• Changes in tax laws
• Relocation

The Importance of Reviewing and Updating Your Estate Plan

By proactively reviewing and updating your estate plan, you can confidently navigate life’s changes knowing that the people you care about most are protected.

Generally, an estate plan is a powerful tool that allows you to determine how your assets will be administered and managed once you are gone. It enables you to have control and direction over how your assets will be shared among your beneficiaries.

Everyone, regardless of their age or the size of their estate, can benefit from having an estate plan. Although some people associate estate planning with the rich or elderly, the reality is that everyone with assets needs an estate plan to protect their assets and wishes.

What Should You Update in Your Estate Plan?

When updating your estate plan, there are a number of components to consider, including the following:

• Beneficiary designations: Review the beneficiary designations listed in your will, trusts, retirement accounts, life insurance policies, and other assets to ensure they align with your current wishes.
• Healthcare and end-of-life directives: It is recommended to review and update your healthcare directives, including powers of attorney and living wills for healthcare, to ensure they meet your current and future healthcare needs.
• Personal goals and values: Your estate plan should align with your personal values and goals. Figure out if your existing plan reflects major changes in your personal circumstances.
• Tax planning: It is important to keep up with the tax laws and work with a tax professional to review your estate plan for potential tax efficiency updates.
• Personal representatives and trustees:  If you have appointed individuals to act as your trustee or executor, review their ability and willingness to play their role. Update these designations if circumstances have changed or the named individuals are no longer suitable.

Need to Update Your Estate Plan? Contact Pedersen Law, PLLC Today

At Pedersen Law, PLLC, our attorneys help individuals create and update their estate plans. If you need help, contact us at (757) 903-4410 for a consultation with our Williamsburg estate planning attorney, Heather Pedersen, and learn more about our estate planning services.