As the New Year begins, many of us resolve to improve our lives, whether through better health, enhanced finances, or deeper connections with loved ones.
One resolution that should top your list this year is updating your will and trust. Ensuring your estate plan is current offers you and your family peace of mind and security for the future. Here are essential reasons why you should prioritize this important task.
1. Reflect Life Changes
Major life events—such as marriage, divorce, the birth or adoption of a child, or the death of a loved one—can significantly impact your estate plan. Updating your will and trust ensures your documents reflect your current family structure and wishes. For example, if you’ve recently welcomed a new child, your plan should designate guardians and include provisions to secure their financial future.
2. Align with Current Laws
Tax laws and estate planning regulations change over time, and your plan should remain compliant. Regular reviews with an experienced estate planning attorney help ensure your will and trust align with current laws, protecting your assets and minimizing tax burdens for your heirs.
3. Account for Asset Changes
Over the years, your financial situation may change. You might acquire new assets, sell property, or change investment portfolios. Updating your estate plan ensures that all assets are accounted for and distributed according to your wishes. Additionally, beneficiary designations on accounts such as life insurance policies or retirement funds should be reviewed to ensure they match your overall plan.
4. Incorporate Charitable Intentions
If supporting a charity or cause is important to you, your estate plan can include provisions for donations or for creating a charitable trust. Updating your documents allows you to incorporate or revise these intentions as needed.
5. Provide Clarity and Avoid Disputes
An outdated or unclear estate plan can lead to confusion and potential disputes among your loved ones. By keeping your will and trust up to date, you provide clear instructions for your heirs, reducing the likelihood of misunderstandings and legal conflicts.
6. Plan for Incapacity
Estate planning is about more than what happens after you’re gone. Updating your documents also ensures that durable powers of attorney and healthcare directives are current, appointing trusted individuals to make decisions on your behalf if you’re unable to do so.
7. Schedule Regular Reviews
It is always a good idea to review your estate plan every three to five years or after any major life event. Working with a good attorney makes this process straightforward and ensures your plan remains comprehensive and effective.
At Richard A. Heller, P.A., we specialize in creating and updating estate plans that protect your legacy and provide peace of mind. Don’t let another year pass without ensuring your will and trust reflect your current wishes and circumstances. Contact us at (407) 501-4052 to schedule a consultation today, and take the first step toward securing your family’s future.