A carefully crafted estate plan will allow you to maintain control of your assets upon death and protect your best interests in the event of incapacitation. However, as you go through certain life events, the documents you have in place will likely no longer relate to your evolving circumstances. As such, your will, trust, and powers of attorney should be reviewed periodically to ensure they still reflect your final wishes. Here are a few common reasons an update becomes necessary.

When Is It Time to Modify Estate Planning Documents?

1. Changes in Family Relationships

One of the main purposes of an estate plan is to ensure your loved ones are taken care of after you’ve passed away. In turn, review the documents any time there’s a major change in your family dynamics.

This includes marriage, divorce, the birth of a child or grandchild, or the death of a close relative. You may wish to add or remove a beneficiary from the trust, name a new executor of the estate, or appoint a different power of attorney to make medical and financial decisions on your behalf.

2. Relocation to a New State

trustsEstate laws aren’t the same nationwide. They can vary considerably from one state to the next.

Thus, if you’re moving across state lines, have an estate planning attorney in your new location review the plan to see what modifications are necessary. Neglecting to bring the documents in compliance with the state’s laws can result in them being rendered invalid.

3. Increase or Decrease in Assets

Your plan needs to represent any significant changes that occur with your estate. For example, if you buy or sell real estate, receive an inheritance, get rid of a business, or acquire expensive artwork, jewelry, or other tangible items, this should be updated in the will and trust documents.

 

Whether you have yet to draft an estate plan or it’s time to make revisions, The Law Office of J. Baron Groshon will ensure your affairs are in proper order. Attorney Groshon offers nearly three decades of legal experience and in-depth knowledge of estate laws. Serving residents throughout Charlotte, Concord, Gastonia, and Lake Norman, NC, this firm can assist you in executing a will, trust, power of attorney, and any other estate planning tool that’s required to fulfill your unique needs. Call (704) 342-2876 today to schedule a consultation.