Once a comprehensive estate plan is in place, you might think that your planning is complete but estate plans require periodic updating. Changing circumstances may require changes to your estate plan. As examples, changing circumstances regarding your family, your assets, or the administrative provisions of your documents may require changes to your estate plan.
Family changes:
- Have there been births, deaths, marriages, divorces, remarriages, illnesses, or disabilities that affect your family?
Asset changes:
- Changes in the valuation of your assets or how you title those assets may expose you to possible estate taxes.
- Are there changes you want to make to your beneficiary designations for retirement accounts, annuities, or life insurance?
- If your plan includes business succession planning, are there changes in the business entity itself or ownership that would affect your plan?
- Charitable bequests. Are there changes or additions to the charities you wish to benefit? Have tax laws affected any estate planning decisions you made regarding charities?
Administrative issues:
- Are your choices for attorney in fact, health care agent, trustee, guardian, or personal representative still appropriate?
- Have laws changed? Laws affecting gifting, retirement benefits, or estate taxes might affect your estate plan.
To speak with one of our Trust and Estate attorneys about updating your estate plan, call us at 320-200-4928. You can also contact us online.
Established more than 100 years ago, Quinlivan & Hughes ranks among the oldest and largest law practices in Central Minnesota. The full-service law firm has growing legal teams in the areas of trust and estate planning, employment law, business law, government law, insurance defense, and general litigation. Learn more at Quinlivan.com.
