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Is It Time To Update Your Estate Plan?

On Behalf of | Mar 25, 2020 | estate planning

According to Forbes, there are two significant errors you can make with your Missouri estate plan. The first is not having a plan in place at all. The second is failing to review and update your plan every three years. Considering you are here reading this, it is safe to assume that you have a plan in place and want to know if you need to update it. Forbes details a few reasons to update your estate plan.

One major reason to update your estate plan is that the objects of your affection change. If you add a new member to the family, such as a child or grandchild, you should review your estate plan with your advisor and change it to include the new addition. You may also want to do this if you get remarried or become widowed.

Moving to a different state is also grounds to change your estate plan. Estate planning laws are not national, and each state has its own laws with various nuances. If you recently moved, go over your estate plan with a lawyer to make sure your plan meets the state’s requirements for estate plans. If the state to which you moved taxes inheritances or estates, you should also devise a strategy to reduce those taxes.

It is not uncommon for a person’s assets and liabilities to change over time. It is important to review your estate plan every one to three years and to modify it to account for increases or decreases in your estate’s value.

If the person you appointed to execute your estate is no longer fit for the role, you should meet with your lawyer to appoint a new executor. The same is true of your trustee. An outdated qualified retirement plan is also reason enough to review your estate plan and make necessary changes.

You should not use this article as legal advice. It is for educational purposes only.