Greetings from Peabody Law Firm in Southlake, TX! As trusted partners in estate planning, we understand that the process isn’t just a one-time event.
Like life itself, it’s an evolving journey. A central aspect of our advice to clients revolves around the importance of regularly updating your estate plan.
Estate Plan? Check! But Why Update It?
Creating an estate plan is a significant first step in securing your assets and ensuring your loved ones’ future. However, it’s equally crucial to revisit and update your plan regularly.
As you navigate through life’s various stages, your goals, financial situation, and relationships will inevitably change – and your estate plan should reflect those changes.
When Should You Review Your Estate Plan?
While there’s no hard and fast rule, it’s generally advisable to review your estate plan every three to five years.
However, the following key life events should also prompt an immediate review:
Change in Marital Status:
Marriage, divorce, or the death of a spouse should lead to a review of your estate plan. It’s essential to ensure that your wishes align with your current relationship status.
Addition to the Family:
The birth or adoption of a child or grandchild, or welcoming a new in-law, often necessitates updates to your estate plan to incorporate these new family members.
Change in Asset Value:
Significant increases or decreases in the value of your estate should trigger a review. This ensures your plan continues to meet your needs and that your assets are distributed as desired.
Relocation:
Moving to a different state can affect your estate plan due to variances in state laws. If you’ve moved, it’s wise to have an attorney review your plan.
Change in Tax Laws:
Tax laws can and do change. When they do, you may need to adjust your estate plan to optimize tax efficiencies.
Death or Change in Circumstances of a Beneficiary or Executor:
If a named beneficiary or executor predeceases you, or if their circumstances significantly change, your plan should be revised.
In essence, an up-to-date estate plan helps to ensure that your wishes are fulfilled accurately and efficiently. Remember, estate planning is not a one-size-fits-all affair; it requires continual care and attention.
Peabody Law Firm excels at supporting clients through these reviews and updates. Our experienced estate planning attorneys understand the nuances of the law and work closely with you to keep your estate plan aligned with your evolving needs and goals.
Moreover, our services are not limited to estate planning. We also cater to probate and business services, serving the residents of Southlake, TX, and beyond, including Westlake, Trophy Club, Colleyville, and Keller.
We’re proud to extend our professional legal support to these communities, offering personalized services to suit each client’s unique requirements.
If you’re ready to review your estate plan or require assistance with probate and business services, the expert team at Peabody Law Firm is just a phone call away.
Reach out today and let us help you stay on top of your estate planning journey. Together, we can ensure that your legacy is preserved and passed on as you intend.