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Wiley & Mathews

Here's why it's time to update your estate plans

Your estate plans are important. Your will directs the disposition of your assets after your death and sets arrangements for the care and well-being of your minor children. Your estate plans may also include tax mitigation strategies that will benefit your heirs and powers of attorney that are designed to protect you during your final days among other benefits.

But estate plans can't just be made and forgotten. If it's been a couple of years (or longer) since you made your estate plans, here are some of the reasons they may need to be updated:

  • You have a new passion or interest. If you left money to charity, you want that money to reflect your values and interests. If those have changed since you last wrote your will, adjustments may be needed.
  • You already gave an heir an advance. Maybe one of your adult children needed money for a down payment on a home or new business. It's not really fair to your other kids to not take that into account in your will.
  • One of your heirs has taken on more significance in your life. Maybe your health has been declining and one of your adult children has moved in (or moved you in with them) to care for you. It may be appropriate to adjust your will to reflect their sacrifice on your behalf.
  • Your assets or finances have changed. Perhaps you sold the family home and invested the profit. Maybe you cleared out a lot of old possessions that were once divided in your will. Or you hit the lottery or inherited some property or money from someone else. Whatever the change, it's important that it's properly reflected in your plans.

It's never enjoyable to contemplate your death and what will happen to your loved ones afterward -- but it's a very necessary process. Continue browsing our site to learn more about your estate planning options and make an appointment to learn more.

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