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Changing an Estate Plan in the New Year

An older man and woman sitting near another woman who is holding up a piece of paper.

An Annual Review of Your Future Plans

A new year is just around the corner, and that means it's time to update your estate plan! Many people put off this important task because they think it's too difficult or they don't want to deal with the hassle. But making changes to your estate plan is actually very easy — and it's important to do every year. In this blog, learn why you should update your estate plan at the beginning of the year.

Changes Over the Last Year

The last year may have brought about many changes, and if you have an estate plan, those changes may require updates to your documents. Here are some examples of life changes that might necessitate an update to your estate plan:

  • You got married or divorced.

  • You had or adopted a child.

  • A beneficiary died.

  • You moved to a new state.

  • Your assets increased or decreased in value significantly.

Of course, this is not an exhaustive list--any change in your life circumstances could potentially affect your estate plan.

Annual Review

Experts recommend that you review your documents at least once a year to make sure they are still valid and reflect your current wishes. If you have experienced any major changes in the last year, update your estate plan as soon as possible to ensure that your loved ones are taken care of according to your wishes.

Why Update Your Estate Plan Annually

Updating your estate plan may not top your list of New Year's resolutions, but it is an important task to take care of early in the year. Don't wait until it's too late—if something happens and you don't have a valid estate plan in place, your loved ones will have to deal with the consequences. Reviewing and updating your documents regularly will give you peace of mind knowing that you have taken care of everything should something happen to you.

Ask for Help from an Attorney

If you need help getting started, contact the team at Blood Law, PLLC. We know how important it is to protect your family's best interests and to plan for the future. We can help you ensure that your estate plan is up to date each year.

Learn more about how we can help or schedule a consultation by calling (704) 286-0570 or by visiting our website.