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When to Update Your Estate Plan

When to Update Your Estate Plan

You probably remember the mental and emotional effort it took to draft your original estate plan. Maybe you locked your legal documents away in a safe and considered it a job well done. However, it’s recommended that you review your estate plans regularly with the assistance of an attorney or a tax advisor. After all, your life significantly changes each year!

So, Your Life Changed

A good reason to update your estate plan is that your life has likely changed since the initial drafting. Perhaps your family has grown with the birth of new children or grandchildren. Or, regrettably, maybe loved ones you originally designated as beneficiaries have passed away. It’s remarkable how many life events impact your estate plan.

Changes you’ll need to update for:

  • Marriage or divorce
  • Changes in financial circumstances
  • Illness or disability
  • Purchasing a home
  • Career changes

The goal of estate planning is to ensure your assets and property are distributed per your wishes. If you experience any significant life changes, you’ll want to meet with an estate planning attorney to discuss updating your legal documents.

With Age Comes New Toys

As the kids grow up and you enter your golden years, you’ll hopefully begin traveling or thinking about buying new retirement property. Anything you purchase following the creation of your original estate plan will need to be accounted for. If you move to a new state, you’ll want to verify with an in-state attorney that your will is still valid. The last thing you want is your loved ones to endure the probate process.

Taxes and Your Financial Goals

It’s not fun to think about, but it’s likely your estate plan is out of date due to new and updated Federal and state tax laws. Reviewing your legal documents with a lawyer ensures your estate plan will protect your wishes after your passing.

How We Can Help You

At Shows & Smith Law Firm PLLC, our Jackson estate planning attorneys are skilled in drafting and updating estate plans to account for current Mississippi laws. We enjoy building lasting relationships with our clients. When you schedule a consultation with our lawyers, we will work together to revise your estate plan and protect the future of your family.

Contact our lawyers today at (601) 809-4144 to schedule a free consultation.

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