Estate planning offers an effective way to manage your assets, provide for your loved ones, and protect your legacy. However, even a well-crafted plan can end up proving useless if it isn’t kept up to date. As you experience different life events, there’s a good chance your future goals and final wishes will change. This is why it’s important to meet with your attorney periodically to review your documents and ensure they reflect your current circumstances. Here are a few occasions in which revisiting your plan is advisable.

When to Update Your Estate Plan 

1. A Move Across State Lines

Every state has its own laws and requirements regarding estate planning. While some will honor documents drafted and executed in another state, others may not. As such, any time you move across state lines, it’s wise to speak with a local attorney to determine if your plan is still valid. If not, they can advise you on the steps you need to take to make sure your documents will be recognized in court. 

2. A Change in Family Dynamics

A major goal in estate planning is securing a stable future for loved ones. Thus, one of the biggest reasons to go over your plan is a change in family dynamics.

If you’ve gotten married or remarried since your documents were initially put in place, it’s likely you’ll want to include your spouse as a beneficiary of your assets. In the event of a divorce, you may choose to remove your ex-spouse as a beneficiary and ensure they no longer hold any decision-making duties.

The birth or adoption of a child or grandchild will also necessitate an amendment. You may wish to leave them an inheritance, and you must appoint a guardian in case you pass away while they’re still a minor. 

3. An Increase in Assets

Another time to examine your plan is when there’s been a sizeable increase in your estate. If you’ve bought a home, acquired interest in a business, or collected a significant amount of savings, this needs to be addressed in your documents to ensure proper distribution. 

If it’s time to set up or review your estate plan, the Law Offices of Adrian L. Falgione, LLC can help. Attorney Falgione has extensive knowledge and experience in this area of law and will tailor your documents accurately represents your wishes. For more than 30 years, this attorney and his team of legal professionals have provided the residents of Lexington, SC, with personalized estate planning services and advice. Call (803) 957-6543 to schedule a consultation or visit them online to learn more about how they can assist you in preparing for the future.