There are two common estate planning mistakes that can put everything you’ve worked for at risk. The first is failing to create an estate plan at all, and the second is forgetting to periodically review and update your documents.
Reasons to Consider Updating Your Estate Plan
To be effective, estate plans need to be tailored to fit your specific circumstances as well as current federal and state tax laws. Some of the reasons you should consider updating your estate plan include:
- Your income, assets, and liabilities have significantly changed.
- You’ve moved to another state.
- You’ve recently been married.
- You’ve recently been divorced.
- Your family has welcomed a new child or grandchild.
- Your minor children or grandchildren are now legal adults.
- A loved one has become seriously ill or permanently disabled.
- You’ve had a falling out with an heir or someone named as executor or trustee.
- Someone previously named as an heir, executor, or trustee has predeceased you.
- You’ve started a new business.
To account for potential tax law changes, it’s best to have a qualified estate planning attorney review your plan yearly to ensure that it still meets your needs. Generally, experts recommend going no more than three to five years without a plan update—even if your general income and personal circumstances remain the same.
Let Us Help You Update Your Estate Plan
If it’s been several years since you last looked at your estate plan, Alperin Law can review your documents to ensure they still provide the most efficient way to manage, preserve, and distribute your assets. If we created your original documents, free reviews are included every three years as part of our Client Care Maintenance Program. Our goal is to provide you with the peace of mind that comes with knowing your loved ones will be properly provided for after you’re gone.
Do You Need To Speak With A Lawyer About Estate Planning?
If you need to speak with an experienced estate planning lawyer please contact us online or call our Virginia Beach office directly at 757.490.3500 to schedule your free consultation. We have offices throughout Virginia including Chesapeake, Newport News, Norfolk and Suffolk.