Why should I update my estate plan?
If your estate plan is over three years old, you may want to reexamine it. The following are the most common circumstances that may require your estate plan to be updated:
You moved states: If you recently made a move to a different state, it is important to know that every state has its own estate planning laws. It is crucial to update your estate plan after your move because there may be differences in the number of witnesses required for a will to be valid. Another example of differing estate planning laws is that some states may require that a spouse inherits a minimum share of the estate. It is best to update your estate plan to match your new state’s regulations as soon as possible.
Executors or trustees become inappropriate: When it comes to your estate plan, it is important to know that it should always reflect your life circumstances. As we all know, life is known to change. When circumstances change and individuals who are appointed in our estate plan may no longer be a good fit, this requires an update to be made. If this individual is unable to perform the job as you wish, another individual may be a more suitable choice. A few other reasons for an update like this to be made is when the individual who is appointed in your estate plan has passed away, moved away, or aged.
Your retirement plan needs updating: One of the most common mistakes to make regarding estate plans is failing to update the beneficiary designations of IRAs, 401(k)s. Beneficiary destinations control who receives annuities, finances accounts, assets, and life insurance. Review each of these forms and amend them if it is necessary.
You have a new addition to your family: You may want to update your estate plan documents if there is a new addition to the family such as a child or grandchild. Or, your family may have changed in a different way, which may lead to an omission of someone from your estate plan due to death or divorce.
Contact Our Firm
Herting Law, PLLC, is an Iowa-based law firm designed to help with all of your legal needs. If you need a Des Moines criminal defense lawyer, our firm has significant experience in all criminal matters, including OWIs, drug charges, gun crimes, theft, assault, and more. If you need an estate planning lawyer, our firm can guide you through it all, including drafting wills, trusts, and the administration of your estate. Whatever the situation, Herting Law, PLLC has you covered.