Keeping Your Estate Plan Current

by: Attorney Noyes

2/2/20242 min read

Estate planning is not a one-time task but an ongoing process. At Noyes & Associates, we emphasize the importance of regularly updating your estate plan to reflect your current life circumstances. This article outlines vital reasons and times when updating your estate plan is essential.

1. Life Changes:

Major life events such as marriage, divorce, the birth of a child, or the death of a beneficiary necessitate a review of your estate plan. These events can significantly alter your intentions and plans for asset distribution.

2. Financial Shifts:

Significant changes in your financial situation, such as acquiring new assets, changes in the value of existing assets, or a change in your business interests, should prompt a review of your estate plan. These changes can impact how you wish to allocate your assets.

3. Relocation:

Due to differing estate and tax laws, moving to a different state or country can affect your estate plan. It's crucial to ensure your plan complies with the laws of your new residence.

4. Change in Relationships:

Changes in relationships, not just marital status, but also with those you have named as executors, trustees, or guardians, may require updates to your estate plan. These roles must be filled by individuals you trust and are currently willing to take on these responsibilities.

5. Tax Law Amendments:

Tax laws are subject to change, which can affect your estate plan. Keeping abreast of tax law updates and modifying your plan can help maximize tax efficiencies.

6. Reviewing Executors and Trustees:

Over time, the individuals you have designated as executors or trustees may need to be changed due to various reasons such as age, health, or altered relationships.

7. Reassessing Wishes and Goals:

As time passes, your priorities and goals for your estate might evolve. Regularly reassessing and aligning your estate plan with your current wishes is essential to maintaining an effective estate strategy.

At Noyes & Associates, we understand the dynamic nature of life and its impact on your estate planning needs. Our experienced team is here to provide guidance and support in regularly updating your estate plan, ensuring it always aligns with your current circumstances and wishes. If it's time to review and update your estate plan, contact Noyes & Associates. We are dedicated to ensuring that your estate plan reflects your intentions and provides for your loved ones according to your desires.