Life Changes Mean Estate Plan Updates

For many families, creating an estate plan is a positive, proactive step toward securing their family’s future. However, it can be a significant undertaking, and once it is done, it is often never revisited. However, to be meaningful and accurate, Orsbon & Fenninger, LLP recommends periodically re-examining and updating your estate plan.

When Should You Consider Updating Your Estate Plan?

While the frequency of your review and updates will vary considerably based on your individual circumstances, you should at the very least update your plan in the following situations:

• When there are changes in marital status — either yours or your heirs/beneficiaries
• After a major change in your assets — such as beginning to draw retirement or selling off a major piece of property
• As your family grows — to ensure children and grandchildren are included in your plans
• If the focus of your charitable giving changes — to provide a legacy that reflects your current priorities
• If a named executor or estate administrator is now unavailable or unable to carry out those duties
• When tax and inheritance laws change at the state or federal level

Outdated Plans Can Lead To Problems

A plan that sounded perfectly fine when it was written can be dangerously out of date years later.Failing to review your plans could lead to assets passing to the wrong beneficiaries, unlisted current real estate not being accounted for in a trust, or confusion over who is to be your estate administrator if the person you named is deceased or incapacitated.

CONTACT OUR FIRM FOR A CONFIDENTIAL CONSULTATION

Orsbon & Fenninger, LLP has more than a half-century of collective legal experience. Our board-certified estate planning lawyers understand the concerns of our local clients and will be happy to advise you on the best strategies for your estate, no matter what changes your family experiences. Call us in Charlotte at 704-556-9600 or send us a message through our email contact form.