• Troyer & Good, PC

When Should You Update Your Estate Plan?

If you already have your estate plan in place, then great job! That’s the first step toward being prepared for the future. However, you want to make sure that your estate plan is up-to-date and current. Laws and circumstances can change in a way that affects your estate plan. Here are some general questions to help you decide if you need to update your estate plan:

  1. Does your Will or Trust include a credit shelter or bypass trust for federal estate tax?

  2. Have there been any births, deaths, marriages, or divorce which change your estate plan?

  3. Has your financial situation changed significantly?

  4. Is it necessary to create a trust for any family member because of minority, incapacity, or divorce?

  5. Are you anticipating the need to enter an assisted living facility or nursing home?

  6. Do you want your assets to be distributed in a different way from what is called for in your Will or Trust?

  7. Has any of the property specifically described in your estate planning documents been sold, lost, or otherwise disposed of?

  8. Have you mortgaged, sold on land contract, or leased any real property described in your estate planning documents?

  9. Have you acquired any real property in another state?

  10. Do you need or want to change your named Personal Representative (Executor), Trustee, or Guardian?

  11. Do you need or want to change the appointments in your Power of Attorney or your Advance Directives for Health Care?

  12. Have you named a Trust as the beneficiary of an IRA?

If you answered yes to any of the questions above, then it is time to review your estate plan and update it.

Are there circumstances that would not warrant updating your estate plan? Yes. For example, if you named your daughter in your documents and she got married, you would not necessarily need to update your documents because her last name changed. However, if the marriage affected who you named in your documents and how you want your assets distributed, then you should update your estate plan.

Also, if you moved to a new home (in the same state), you may not need to update your estate planning documents. However, if it is out of state, you need to have your estate planning documents reviewed by an attorney in your new state.

If you think you need to update your estate plan, schedule an appointment with one of our attorneys. They can review your estate plan with you and make sure it reflects what you want while being in line with current Indiana law.

35 views0 comments

Recent Posts

See All