Close Menu

When You Need to Update Your Estate Plan

When You Need to Update Your Estate Plan

A strong estate plan offers protection in life’s unexpected events, from incapacitation to death. However, your work isn’t done once you’ve created your estate plan. Regularly reviewing your estate plan and making necessary changes ensures that your plan accommodates all of the changes life brings. With the team at Entz Burton & Associates, you can get the help you need to review and revise your plan. Our testimonials speak for themselves—we strive to make estate planning in Warr Acres easy, accessible, and convenient.

Find out when you should review your estate plan to ensure that it still meets your needs. Whether you already have an estate plan or you’re just starting to think about your legacy, we’re here to help. Call Entz Burton & Associates at 405-773-9800 to set up a consultation now.

On a Set Schedule

 Even if nothing else changes in your life, it’s important to check over your estate plan periodically and see if anything has changed. It’s easy to forget about your estate plan during the hustle and bustle of life, and setting aside time for a quick review every three years or so ensures that you catch any changes that need to be made.

Loss or Addition of Family Members

 Any time you lose or gain family members, it’s important to set up an appointment with your estate planning lawyer in Oklahoma. If someone passes away, for example, what happens if they are named in your estate? A lot depends on how your documents are worded. It’s best to erase all doubt by tweaking your estate plan accordingly. The same is true if anyone enters the family via marriage or birth. You may want to change how assets are allocated or specifically exclude certain family members from being included.

Losing family members, in this case, doesn’t just mean death. It also means family members who have become estranged, left the family via a divorce, or have damaged their relationship with you beyond repair.

Beneficiaries Reaching Adulthood

 When beneficiaries of yours reach adulthood, take some time to review your estate plan and see if it requires any changes. For example, if you had allotted assets to minor beneficiaries and named trustees to take care of those assets, you may want to remove those terms and give assets to beneficiaries directly. This is also the point at which children’s wishes regarding future careers and educational paths become clear, and you might want to adjust your estate plan if you’re tapping into your assets to cover college expenses.

You Move to a New State

Each state has its own estate planning requirements. When you move, you should connect with an estate planning lawyer in your new state of residence.

Major Changes in Health Needs

 This goes for you or anyone named in your estate plan. If your health suddenly takes a turn for the worst, make sure you get the care you want in the hospital. Whether you want every lifesaving measure available, no lifesaving measures at all, or something in the middle, make sure your wishes are explicitly outlined via an advance directive for health care.

You may also want to update your estate plan if a family member’s health changes to the point that they’ll need care going forward. A disabled family member may lose access to need-based benefits if you give them a lump sum in your estate plan, so it’s good to explore other options with your lawyer.

Significant Changes in Debt or Assets

Perhaps you have received a surprisingly large inheritance, seen your business grow exponentially, or invested in real estate. On the other hand, maybe your business gamble didn’t pay off as you’d expected or you’ve taken on enormous medical debt to take care of some health problems. Whether you gain new assets or take on a lot of new debt, your estate plan should account for these changes. Making the necessary changes can also prevent unpleasant surprises for your beneficiaries. Imagine finding out you’re getting a certain sum of money, only to find out weeks down the line that undisclosed debt is actually eating up the entirety of the estate. Save your loved ones from that roller coaster.

In today’s rapidly changing world, a solid estate plan is more than a set of documents; it’s a peace of mind. Entz Burton & Associates understands this and is dedicated to ensuring that your estate plan is not just a one-time task, but a dynamic strategy that evolves with your life.

Adapting to Financial Changes

Financial landscapes can shift dramatically. Whether it’s a significant career move, changes in investments, or variations in your financial goals, these factors can greatly influence your estate plan. Regular updates with Entz Burton & Associates can ensure that your plan reflects your current financial situation, safeguarding your legacy against unforeseen financial changes.

Navigating Legal and Tax Changes

Laws and tax regulations are ever-evolving. What was efficient and legal a few years ago might not be the best approach today. Our team stays abreast of the latest legal and tax developments, advising you on how these changes can impact your estate plan. This proactive approach ensures compliance and optimization of your estate for tax purposes.

Aligning with Life Milestones

Major life milestones like marriages, graduations, or retirements are not just personal achievements but pivotal moments that can reshape your estate planning needs. Such events often call for a reassessment of your plans to ensure they align with your new life chapter. At Entz Burton & Associates, we take a personalized approach, understanding and integrating these milestones into your estate strategy.

Technology and Estate Planning

With the advent of digital assets and online legacies, incorporating digital estate planning has become essential. We assist you in navigating this relatively new but increasingly important area, ensuring all aspects of your digital life are accounted for in your estate plan.

Remember, an estate plan is not static; it’s a living document that should grow and adapt with you. Partner with Entz Burton & Associates to ensure your estate plan remains robust, relevant, and reflective of your current life stage and goals. Call us today to start this vital conversation.

Let an Estate Planning Lawyer Help You Explore Your Estate Planning Needs

 The journey to a reliable estate plan begins with an experience Estate Planning attorney who’s passionate about helping clients protect their legacies. That’s where we step in. Let’s set up a time to talk about your needs—just call us at 405-773-9800 or get in touch online.

Facebook Twitter LinkedIn
Hours: Mon-Fri 9am-5pm
Everest Legal Marketing

© 2021 - 2023 Entz Burton & Associates. All rights reserved.
This law firm website is managed by Everest Legal Marketing.