When Can I Update My Estate Plan?

If you already have an estate plan in place, congratulations on taking an important step toward protecting your assets for your beneficiaries and taking control of the process. If circumstances change, however, it is important to remember that your plan is not set in stone.

An out-of-date estate plan may create problems for your beneficiaries. At Berman & Asbel, LLP we guide our clients through the entire complex estate planning process so their plans protect their wishes and limit future disputes.

Common Reasons For Updating Your Plan

  • Are you getting remarried and already have children? If your estate plan does not address it, your new spouse could inherit a greater, or lesser, part of your estate than you might want. Updating your estate plan will be necessary if you want to protect assets for your children and have your spouse inherit what you want.
  • Have you determined what you want to happen to your business? Business disputes can be time-consuming and costly, putting a company's financial health at risk. Updating your plan for what you want to happen to your company or your shares is important.
  • Did your financial situation drastically improve? If your net worth has grown, you may need to think about taking advantage of estate tax planning services that will benefit your beneficiaries.
  • Have your relationships with any beneficiaries changed? A falling-out with a friend or loved one could mean that you no longer wish to leave that person certain assets or with certain decision-making powers, such as a power of attorney designation. You may also want to place conditions on a trust for the beneficiary.
  • Do you have children? If you have minor children or adult children who you feel are not yet mature enough to properly handle their inheritance, making sure they are provided for if you can no longer take care of them is crucial. You can update your estate plan to name a guardian or a trustee for your children.

To ensure that your estate plan is exactly as you want it and totally up to date, call our office at 484-842-0276 or send us an email to get started.