Estate planning is an important aspect of financial planning that often gets overlooked. Many people assume that once they have created an estate plan, they are set for life. However, it is crucial to update your estate plan regularly to ensure that it reflects your current wishes and circumstances. Moen & Thurston Attorneys At Law, a family-owned law firm specializing in estate planning, probates, trusts, and taxes, understands the importance of keeping your estate plan up to date. Life is constantly changing, and so are your circumstances. Births, deaths, marriages, divorces, and changes in financial situations can all have a significant impact on your estate plan. By regularly reviewing and updating your plan, you can ensure that it accurately reflects your current wishes and provides for your loved ones in the way you intend. One of the most common reasons for updating an estate plan is the birth or adoption of a child. It is essential to include provisions for the care and guardianship of your children in the event of your untimely passing. By updating your estate plan, you can designate a guardian who will provide for your children's physical and emotional well-being. Similarly, if there have been any changes in your marital status, it is crucial to update your estate plan accordingly. Divorce, separation, or remarriage can have significant implications for your estate plan. By updating your plan, you can ensure that your assets are distributed according to your current wishes and that your ex-spouse is not unintentionally included in your plan. Changes in your financial situation can also warrant an update to your estate plan. If you have experienced a significant increase or decrease in your assets, it is important to review your plan to ensure that it still aligns with your goals and objectives. Additionally, changes in tax laws can impact your estate plan, so it is essential to stay informed and make any necessary adjustments. Another reason to update your estate plan is if there have been any changes in your relationships with the individuals named in your plan. For example, if you have named someone as a beneficiary or executor who is no longer in your life or who you no longer trust, it is important to update your plan to reflect your current wishes. Moen & Thurston Attorneys At Law understands the importance of regularly updating your estate plan. They are dedicated to providing a personal touch to their clients' legal needs and can assist you in reviewing and updating your plan to ensure that it accurately reflects your current wishes and circumstances. To schedule a consultation with Moen & Thurston Attorneys At Law, please call 315-701-0379 or email them at andrew.moen@moenandthurston.com (Andrew Moen), morgan.thurston@moenandthurston.com (Morgan Thurston), martha@moenandthurston.com (Martha Winterton), mmccarthy@moenandthurston.com (Michelle McCarthy), or jack.irwin@moenandthurston.com (Jack Irwin). Don't wait until it's too late. Take the time to review and update your estate plan regularly to ensure that your wishes are carried out and your loved ones are provided for. Moen & Thurston Attorneys At Law is here to help you navigate the complexities of estate planning and make sure your plan is up to date.
Comments