How to Update Your Estate Plan

Many people make the mistake of thinking that after they create an estate plan, they can store it in a safe place and forget about it. This can have serious implications, as life and tax laws are bound to change and family dynamics shift, impacting the effectiveness of your plan. To avoid issues in the future, it is critical that you update your plan regularly. Our Utah estate planning attorney explains how to do it below.

Review and Revise Your Will

Start updating your plan by reviewing the details of your will, including the property you wish to distribute, beneficiaries, and personal representatives to ensure they are still relevant. Address any elements that are outdated such as changes to the property you currently own, or changes in the family triggered by life events such as a birth or divorce. It is important to speak to an attorney when updating your will to avoid conflicting versions and potential confusion.

Modify Your Trust 

You should also review your trust to determine if you need to change beneficiaries, restructure the terms of the document, or create new provisions based on your changing needs. For example, you may want to include newly born children or update the distribution strategies for your beneficiaries.

Update Beneficiaries Designations

If you have a life insurance policy, retirement plan, or investments with beneficiary designations, it is important to review these as well to ensure they are aligned with your current wishes. Life events such as marriage, divorce, births, and deaths often necessitate changes to these designations. Making sure these are current avoids discrepancies and possible disputes regarding property allocations.

Revise Fiduciaries 

You have likely named many fiduciaries in your estate plan, such as your personal representative in your will or your agent for your power of attorney. It is important to review these destinations to determine if they still represent your wishes and if the named individuals are still willing and able to act in their roles.

Changes for Relocation

If you have recently moved to Utah, it is important to speak to an estate planning attorney in the state. If you drafted an estate plan in another state, it may not comply with Utah’s laws. An attorney can help you make any necessary changes and execute your documents properly to ensure your wishes are respected.

Update Plans for Digital Assets 

If you have not included digital assets such as online banking accounts and social media profiles in your plan, now is the time to do so. Make sure you leave instructions regarding how you want these handled and how to access them. If you have included your digital assets in your plan, review these provisions and ensure they are still up to date.

Our Estate Planning Attorney in Utah Can Review Your Plan

At AGS Law, our Utah estate planning attorney can review your plan with you, advise on the necessary changes, and help ensure that your wishes are fulfilled. Call us now at 801-477-6144 or fill out our online form to schedule a consultation and to learn more about how we can help.

Source:

le.utah.gov/xcode/Title75/Chapter7/C75-7-P6_1800010118000101.pdf