How to Update Your Estate Plan After a Significant Life Event
It is true that the only constant in life is change. During your lifetime, your family will likely also change. Children may be born, people might get married and sadly, some may also get divorced. You may also retire, lose a spouse, or experience financial changes. As your life changes, so too, must your estate plan. If you do not make the necessary changes, your estate plan may not reflect your wishes after you pass away or become incapacitated. Below, our Utah estate planning attorney explains how to modify your plan when necessary.
Review Your Current Plan Thoroughly
Review all of your estate planning documents such as your will, power of attorney, trusts, and healthcare directives to determine if they still align with your wishes. If you find changes you would like to make, write these down. That will make it easier to remember if you need to speak to an attorney who can advise on whether your modifications are legally sound.
Communicate Your Wishes to Your Family
Estate planning is about more than just paperwork. It is also about making sure your loved ones understand your wishes. Have a conversation with your family members about any changes you have made to the plan, particularly with the individuals who will be most involved with carrying out your wishes such as your personal representative, successor trustee, agent in your power of attorney, and others.
Review Legal Designations and Beneficiaries
Payable-on-death bank accounts, retirement accounts, and life insurance policies are all directly distributed to the beneficiaries you have named after you pass away. Review all of your accounts and confirm that the beneficiary designations are still up to date. Also review your healthcare proxy and power of attorney to ensure they are still willing and able to perform the necessary tasks.
Update or Establish a Trust
A trust can simplify the distribution of your assets after you pass away, and will also help your loved ones avoid the probate process. If you have already established a trust, it is important to review the document to determine if it still reflects your wishes. Updating a trust after any major life event ensures that your property will be distributed according to your preferences and help minimize legal complications.
Review Your Healthcare Directives
It is important to review your healthcare directives to ensure they still reflect your current wishes for the medical treatment you do and do not want to receive. Review who you have designated as your proxy and ensure they are someone you trust to act on your behalf.
Our Estate Planning Attorney in Utah Can Review Your Plan with You
Estate planning can become complex, particularly when the laws change. At AGS Law, our Utah estate planning attorney can ensure that your documents meet the necessary requirements so that they are enforceable and your wishes are respected. Call us today at 801-477-6144 or contact us online to schedule a consultation with our experienced attorney and to learn more about how we can help.
Source:
le.utah.gov/xcode/Title75/Chapter2/C75-2-P5_1800010118000101.pdf
