As the calendar turns to a new year, many of us make resolutions to improve our health, relationships, and financial well-being. However, one crucial area often overlooked is ensuring your estate plan is up to date. At Theander & Grimes we believe there’s no better time than the start of a new year to revisit your will and trusts for peace of mind.
Why Update Your Estate Plan?
Life is ever-changing, and your estate plan should reflect your current circumstances and wishes. Outdated documents can lead to confusion and unintended consequences, which may burden your loved ones in the future.
Consider the following reasons to update your will and trusts:
Life Changes
Family Dynamics: Have you recently married, divorced, or welcomed a new child or grandchild? These milestones should be reflected in your estate plan.
Loss of a Loved One: If someone named in your will or trusts has passed away, their role will need to be reassigned.
Changes in Financial Circumstances
Have you acquired significant assets, started a business, or sold property? Adjusting your estate plan ensures your wealth is distributed according to your wishes.
Tax Law Updates
Federal and state tax laws are subject to change. Updating your documents can help minimize tax burdens and preserve more of your estate for your beneficiaries.
Outdated Executors or Trustees
The individuals you once trusted to manage your estate may no longer be the best choice due to changes in their circumstances or your relationship with them.
Shifts in Your Wishes
Your priorities and relationships may have evolved, and your estate plan should align with your current values.
What Should You Review?
When reviewing your estate plan, focus on these key elements:
- Your Will: Ensure it reflects your current intentions, including the distribution of assets and the guardianship of minor children.
- Trust Documents: Confirm that your trusts still serve your goals, whether that’s avoiding probate, protecting assets, or supporting a charitable cause.
- Beneficiary Designations: Review designations on retirement accounts, life insurance policies, and other financial accounts to ensure they align with your estate plan.
- Power of Attorney and Healthcare Directives: Update these documents to name someone you trust to make decisions on your behalf if needed.
The Benefits of Regular Updates
By keeping your will and trusts current, you:
- Reduce the risk of disputes among heirs.
- Protect your loved ones from unnecessary legal challenges.
- Gain confidence knowing your wishes will be honored.
Partner with Theander & Grimes
Updating your estate plan doesn’t have to be overwhelming. At Theander & Grimes, we specialize in crafting and updating comprehensive estate plans tailored to your unique needs. We take the time to understand your goals and guide you through every step of the process.
Make updating your will and trusts a priority this year. Contact Theander & Grimes today at (281) 968-9965 to schedule a consultation and take the first step toward peace of mind.