Updating and Reviewing Your Estate Plan

There are a number of considerations and steps you should take when reviewing and updating your estate plan to provide protection for your family and make sure your wishes are carried out as you intended. For example, you should review your beneficiaries to ensure they are current and reflect your intended heirs, as well as review your estate planning documents to make sure they are still valid and updated to your current wishes.

You should also review your estate tax and gifting strategies to make sure they are still valid and up to date with the current tax laws. Additionally, you should consider whether any changes need to be made to your estate’s titling or ownership structure to ensure everything is properly titled and owned as you intended. You should also review your beneficiaries to ensure that the correct people are named as recipients of your estate. Ensure trusts are up-to-date and valid. Lastly, you should check that all documentation is in order and that you have all the necessary documents in place.

This is like taking your car in for regular maintenance – you need to review it to make sure everything is running smoothly and that any potential issues are taken care of before they become bigger problems. 

Whenever necessary, It is recommended that you review your entire estate plan every three (3) years at the very least. A review and update of your estate plan would be appropriate or necessary even sooner if: 

  • If there have been changes in your circumstances that have changed the way you wish to gift your property.
  • Changes to your Beneficiaries’ needs or relationships with them.
  • Changes in the person/s you wish to serve as your representatives (trustee, executor, etc.).
  • Changes to your Beneficiaries’ marriages or divorces.
  • Marriage or divorce in your family.
  • A new child is born or a grandchild is born.
  • In the event of a beneficiary’s or representative’s death.
  • Your personal wealth or financial status has increased or decreased significantly.
  • There is an inheritance.
  • An out-of-state relocation.
  • Health changes or insurability changes.
  • There has been a significant change in tax laws or laws governing property trusts and probate.

At Cannon Legal Firm, we will work with you to develop an estate plan that reflects your family’s needs and wishes. Providing for the future financial security and well-being of your family is an important step, and the peace of mind that comes from knowing this should bring you comfort. 

Whether you need to create an estate plan or update your existing one, don’t hesitate to contact us.

Cannon Legal Firm. Reliable Estate Planning for a Worry-Free Asset Distribution.

Now that you understand the importance of seeking professional advice, it’s time to take the next steps in reviewing your estate plan. In the next blog, we will explore the key considerations and actions you should take to effectively review and update your estate plan to protect your loved ones and ensure your wishes are carried out as intended. Stay tuned!