Is Your Estate Plan Outdated?

Did you create your estate plan when your kids were born? That is a great start, but life changes over the years may have made that plan outdated.

As your life evolves, your legal documents need to evolve with it.

Things to Consider When Evaluating Your Estate Plan

Here are five key questions to ask yourself to determine if a new plan is necessary.

1. Are your kids now adults?

If your plan was written when your children were minors, it likely includes guardian provisions. If your children are now adults, those provisions are out of date and need to be removed or revised.

2. Do you have grandchildren?

Do your children now have children of their own? You may want to add provisions for your grandchildren in addition to your children, or include them as a contingency if your child should pre-decease you.

3. Have your assets increased?

If your financial situation has improved significantly since you last drafted your Will, a simple distribution might no longer be enough. Additional protections of a Trust might be a better option for you at this point to minimize taxes or protect beneficiaries.

4. Do you have property in another State?

Did you buy a vacation home or a condo in another state? If so, you could be facing estate administration in multiple States (ancillary probate) without proper planning. A Trust can often help avoid this expensive hassle.

5. Are your Executors still able to serve?

Look at the people you chose as Executors years ago. Are they still with us? Are they still capable of handling the task? Ensuring that your chosen Executors are able and willing to serve can save your family significant problems during estate administration.

Get a Professional Review Contact Moseman Law Office if you would like an evaluation of your current estate plan or help updating your plan to match your life today.