Should I Update My Estate Plan?

Should I Update My Estate Plan?

As we approach the New Year, you may have already crafted an estate plan. However, your circumstances might have changed since the last time your estate plan was completed. For example, you may have acquired more assets, contracted a serious illness or the executor you originally selected may have passed away.

Therefore, it is a good idea to review your estate plan at least once a year to make sure that any necessary changes are made. You can pick a certain day, like your birthday or the Fourth of July, to remind yourself to do this annually.

To get started, here are a list of questions that should be asked as part of your estate plan checkup. If you answer “yes” to any of the following questions, then it may be time to contact an estate planning attorney.

  • Have you married or divorced?
  • Have your children married or divorced?
  • Do your children or any other beneficiaries need protection from creditors?
  • Has a relative or one of your beneficiaries died?
  • Has the mental or physical condition of one of your relatives, other beneficiaries or executor changed substantially?
  • Have you had more children or grandchildren?
  • Have your children gone to college or moved out of your home?
  • Have you moved to another state?
  • Have you bought, sold or mortgaged a business or real estate?
  • Have you acquired any major assets?
  • Have you inherited significant property?
  • Have your business or financial circumstances changed significantly?
  • Did your state’s laws change in a way that might affect your tax and estate planning?
  • Are you changing your mind about what to do with some of your assets?
  • Have you decided to do more (or less) charitable giving?
  • Have you made gifts that should be taken into account, such as reducing bequests that were to occur under your will?

Contact Our Denver Estate Planning Attorneys for a Free Consultation

If you have decided to update your estate plan for the New Year, then you should also consider updating your will and final instructions with updated addresses and phone numbers of beneficiaries, executors, trustees and others mentioned in estate planning documents. This will make settling your estate much easier.

However, since estate planning is an incredibly important part of you and your family’s future, you should consider obtaining legal representation. Contact our Denver estate planning attorneys today at (303) 747-6791 for a free initial consultation. At Wiegand Attorneys & Counselors, LLC, we have offices in both Denver and Breckenridge and would love the opportunity to meet with you in person to discuss your estate plan.

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Is It Time for an Estate Plan Checkup?

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