At Matthews & Jones, we strive to be your trusted estate planning attorneys in Destin, FL. If your estate plan is outdated, it’s time to make some changes. Below we’re sharing the top reasons to update your estate plan, so keep reading to learn more, then contact us today.
If You Buy or Sell Property
If you own property, it’s important to keep your estate plan up to date. This means that if you sell or buy property, you need to update your will or trust. Otherwise, your estate could end up being distributed in a way that you don’t want. For example, if you sell your house but don’t update your will, your estate could be left to your kids instead of your spouse, and that could cause problems and confusion for everyone.
If You Move to a New County or State
Those moving to a new state should consider updating their estate plan. This is because the laws regarding estate planning are different in every state. You will need to update your will and your trusts, and you may need to create new ones. You will also need to update your power of attorney and your healthcare directive.
If Your Assets or Liabilities Change
If your assets or liabilities change, you need to update your estate plan because your estate plan is based on your current financial situation. If your assets or liabilities change, your estate plan may no longer be effective. For example, if you acquire new assets, you may need to create a new trust to protect those assets. Or, if your liabilities increase, you may need to revise your will to make sure your loved ones are not left with debt that may be difficult for them to navigate.
Your Qualified Retirement Plan Is Outdated
If you have an old qualified plan of retirement, you may need to update it. The rules and regulations for these types of plans change over time, so it’s important to keep up with the latest information. Failure to do so could result in you paying more taxes than you need to, or not getting the full benefits of your plan.
Have a question for us? Ready to make sure your estate plan is ready for the future? Schedule a consultation with our attorneys today.