One of the most common questions we hear is: When should I update my estate planning documents? Life is always changing, and your plan should grow and adapt right along with you. Whether you’ve recently experienced a major life event or just want to make sure everything is in good order, it’s wise to review your plan from time to time.
Need help? Contact Cornerstone Legal today to review your estate plan and ensure it still reflects your current wishes and needs.(517) 708-2222 or Katrina@CornerstoneLegalPLLC.com
Here are some of the most common situations that may prompt an update:
When Someone Passes Away
If a spouse passes away, it is a good idea to update your powers of attorney and review your entire plan. Losing a loved one can change your priorities and the practical details of your documents.
If a beneficiary passes away, your will or trust should already have contingency language built in. If it does not, or if you are unsure, it is important to review your documents to confirm they still function as intended.
The same applies if a named agent or trustee passes away. Well-drafted documents include backup agents and trustees, but if yours do not, it is time to make revisions.
When Personal Information Changes
If a named agent or trustee changes their address or phone number, you do not need to update your documents. If a named agent or trustee changes their last name due to marriage or divorce, no change is needed.
Your estate plan remains valid as long as the individual can still be identified and contacted.
When Your Assets Change
Your plan should not need to be rewritten if your assets change, but you should make sure your trust is properly funded. Any new accounts, real estate, or investments should be titled correctly and included in your asset summary. If you are unsure, we can help you confirm everything is properly aligned.
When Relationships or Values Change
If you have a falling out with someone you have named as an agent, trustee, or beneficiary, or you simply no longer want to include them, it is important to update your documents. Making those changes formally through your attorney ensures your wishes are honored and avoids confusion later on.
Related: How Does a Divorce Affect My Estate Plan?
When Your Estate Grows
If the value of your overall estate increases significantly, schedule a review. Tax laws and planning strategies can shift over time, and what worked when you first set up your plan might not be ideal now.
Two Very Important Rules
- Never write on your planning documents. Doing so could invalidate them entirely.
- Never try to amend your documents without professional guidance. What seems like a simple change could create unintended legal consequences.
Your estate plan protects your family and your peace of mind. Keeping it up to date ensures your wishes are carried out exactly as you intend.
Contact Cornerstone Legal today to schedule a review or update of your estate plan. Let us help you keep your documents and your confidence in excellent shape.
Please email us at Katrina@CornerstoneLegalPLLC.com or call (517) 708-2222 to start your personalized estate plan.
