Reasons to Consider Updating Your Estate Plan

Reasons to Consider Updating Your Estate Plan

It is important for your estate plan to always be accurate and reflect your life circumstances. To learn the reasons that may prompt an update to your estate plan, continue reading and reach out to our experienced estate planning attorney.

Why should I update my estate plan?

There are many circumstances that may prompt an estate plan update. If your estate plan is over three years old, it may be time to update. The following are the most common circumstances that require your estate plan to be updated to better reflect your life:

You have a new addition to your family: Update your estate plan documents to reflect any new addition to the family such as grandchildren or children. Another way to update your estate plan regarding family is to omit someone from your estate plan. This is often done due to death or divorce. 

Your retirement plan needs updating: It is important to update the beneficiary designations of IRAs, 401(k)s, and other retirement plans. Failing to do so is one of the most common mistakes make regarding estate plans. Beneficiary destinations control who receives annuities, finances accounts, assets, and life insurance. Review each of these forms and amend them if necessary. 

You moved states: If you have recently moved across state borders, it is important to know that every state has its own estate planning laws. Once your move is complete, it is critical that you update your estate plan. For example, there may be differences in the number of witnesses required for a will to be valid. Some states may even require that a spouse inherits a minimum share of the estate. One of the most important steps to take regarding your estate plan after a move is to learn the differences between the requirements of the state you drafted your estate plan in and the new state that you reside in. 

Executors or trustees become inappropriate: Individuals who are appointed in our estate plan may no longer be a good fit when life circumstances change. If the appointed individual in your estate plan is no longer able to perform the job as you wish, it may be time to update your estate plan. It may also be required to change who is appointed in your estate plan if the individual has passed away, moved away, or aged. 

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.

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