Creating an estate plan is an important first step in protecting your assets and ensuring your wishes are honored. But simply having a plan in place isn’t enough. Life changes—and your estate plan should, too. Regular estate plan updates are important to keeping your plan aligned with your current circumstances, goals, and any changes in the law.
At Wilson Legal, we believe it’s important to revisit your estate plan regularly, so it continues to protect what matters most as your life and priorities change.
Life Changes—So Should Your Plan
Big milestones like marriage, divorce, the birth of a child, or even the passing of a loved one can significantly impact how you want your assets to be divided. If your estate plan doesn’t reflect these life changes, it may not fulfill your true intentions. For example, you wouldn’t want your assets to go to a former spouse if that’s no longer your wish, or to accidentally overlook a new family member who depends on you. Regular Estate plan updates are important to ensure your plan evolves as your life does.
Changes in the Law
Estate planning laws are constantly evolving. Tax laws, probate rules, and even healthcare directives may change over time. An estate plan perfectly in line with the law a few years ago may now be outdated. Staying proactive and updating your plan means you’re always compliant with current regulations, reducing the chances of complications or delays for your heirs.
Growing Assets, Growing Responsibilities
Over time, your estate may grow as you accumulate more assets—whether it’s purchasing a new home, acquiring more investments, or expanding a business. A plan that no longer accounts for your growing wealth may not distribute your assets the way you intend. Keep your plan up-to-date to cover and divide all your assets according to your current wishes.
Executors and Beneficiaries Can Change
Who you trust to handle your estate, or who stands to benefit from it, may change as well. Executors and trustees play critical roles, and it’s essential to ensure they are still the best choices for managing your estate. Similarly, relationships change, and beneficiaries designations come and go—whether it’s welcoming a new child or reevaluating the people you trust. Regular reviews help you avoid leaving assets to an unintended beneficiary or assigning responsibilities to someone who may no longer be the best fit.
Healthcare and Financial Directives Need Updates, Too
As your healthcare needs and financial circumstances evolve, so should your estate plan. Reflect changes in your health status or medical care preferences in your plan. Financial directives also require attention. Reviewing these elements ensures that your plan accurately represents your current situation and wishes.
If it’s been a while since you’ve looked at your estate plan, now is the perfect time to review it. At Wilson Legal, we’re here to help make sure your plan stays up-to-date with your life and legal changes. Contact us today to schedule a consultation and protect your future.
