As we enter a new year, one of your resolutions should be to update your estate plan. Your estate plan is meant to be modified as your life changes. One of the best ways to do so is to update the various aspects of your estate plan at the beginning of each new year. To learn more about the aspects to revise this year, continue reading and contact our Montgomery County estate planning attorney.
What aspects of my estate plan should I revise in the new year?
It is recommended that you revisit your estate plan in the new year to update your documents to better reflect your life if you went through substantial changes this year. Consider the following list of various scenarios and aspects of your estate plan that may need updating:
- A child is born: If your family has welcomed a new child this year, this likely means that you should revise your estate plan to ensure asset distribution reflects this new family member.
- Your beneficiary has passed: If one of your beneficiaries passed away this year, you will need to adjust your estate plan accordingly. This is a necessary modification because if you were to pass away without updating your plan, certain assets will still go to this person who has passed away.
- You want to appoint a guardian: If you gave birth this year, or if you have a minor child that you have not appointed a guardian for, it is recommended that you do so in the new year. This change is necessary because if you were to pass away without appointing a guardian, you will not be able to choose a party you know and trust to care for and raise your child. Instead, the decision will likely be made by the court.
- You were married or divorced: If you got married this year, you will likely want to make your spouse a beneficiary in your will. If you were divorced this year, you will want to remove your former spouse from your will to ensure that they will not get assets if you were to pass away without updating your estate plan.
- Tax laws have changed: It may be a valid cause for hiring an attorney to revise your estate plan if the tax law has changed over the past year. Your attorney will ensure this change does not require your estate plan to be updated. They will also ensure everything in your plan is in proportion.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.