Creating an estate plan is not a one-time project. Reviewing your plan every few years, or after a significant life change, will ensure that all of your estate planning documents continue to reflect your wishes. Updating an estate plan in Phoenix is usually easier than creating the plan in the first place, but working with Dayes Law Firm will make it as simple as possible. Your estate planning attorney will make sure your plan takes advantage of any tax and legal changes, and continues to protect what matters to you.
What Changing Family Dynamics Should You Consider When Revising an Estate Plan?
Family changes are the most common reason for updating an estate plan in Phoenix. Getting married, getting divorced, having a baby, adopting a child, and becoming responsible for stepchildren should all be reflected in the estate plan. For example, if someone divorces and remarries, they will probably want to remove their former spouse from their will and add their new spouse. If someone named a trusted friend as their medical power of attorney and they have grown apart from that friend, they should appoint a new medical representative.
Some changes happen naturally with the passage of time. If a couple created their initial plan when their children were young and named one spouse’s parents as the guardians and executors, they may want to choose new executors once the children are grown, if the aging parents are no longer up to the task. Parents may have initially set up a trust that limited their children’s access to their inheritance. If their adult children have proven to be financially responsible, they may want to remove those restrictions.
On the other hand, if an heir develops a drug or gambling problem, their parents may want to add restrictions to prevent irresponsible spending.
Which Financial Changes Require an Update to an Estate Plan?
New financial circumstances should also be reflected in an estate plan. If someone has acquired new assets like valuable art or a vacation home, they should make sure to include their wishes for those assets in their estate plan. Some estate documents, especially powers of attorney, are state-specific. People who move to Phoenix from out of state should review their estate plans with a lawyer to make sure everything is still valid in their new home.
If someone has started a business since they last worked on their plan, they should make sure to factor the business in as well. Succession planning for businesses can be complicated, especially if the business owner wants an heir or business partner to continue running the company after their death. Our legal counsel can suggest possible strategies for handling this situation.
Update Your Estate Plan With a Phoenix Attorney Today
Updating an estate plan in Phoenix every few years, or whenever you have a significant life or financial change, is a good idea. We will go through your existing plan to make sure everything still makes sense and help you decide how to address any new circumstances. Whether this means adding a new document, like a trust, or keeping the same general strategy in place while adding a new grandchild as a beneficiary, our team ensures your estate plan continues to work for you. Schedule a consultation with Dayes Law Firm to update your estate plan today.
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