Estate Planning

What Should Be Updated in an Estate Plan?

By September 14, 2021 No Comments

You’ve created your estate plan, but now you think it’s time to update it. Here are some things you should modify in your estate plan to ensure that your wishes are going to be fulfilled and you and your loved ones will be protected.

Your Beneficiaries

If you got divorced recently or your spouse died, then it’s critical to update your beneficiary designations. Also, if you want to include new stepchildren in your estate plan, then you’ll need to add them. You might take out a loved one for another reason, like a family conflict. Review your beneficiaries when big life changes occur and make any changes as needed.

Your Assets

Any time you acquire or lose property, then you should make sure your assets are up to date. For instance, if a relative dies and leaves their home to you, and you plan to keep it, then you’ll need to include it in your estate plan.

Your Executor or Trustee

Relationships with people may change, and you might want to update your executor or trustee accordingly. Additionally, if one of them passes away, you’ll need to choose someone else to replace them.

Your Documents, if Taxes Change

There are changes that occur in tax law that you need to keep up with. And if you move to a new state, you’ll need to ensure that you’re able to avoid taxes as much as possible with your estate plan.

Updating Your Estate Plan

Whenever you’re creating or updating your estate plan, it’s important to reach out to an estate planning attorney who is knowledgeable and will know the ins and outs of tax laws as well.

Contacting Legacy Law Group for Help

If you need help creating and updating an estate plan, you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.