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Why You Really Need To Update Your Estate Planning

If you already have an Estate Plan, you’re our kind of people! You’re on top of things and are more prepared than the vast majority of Americans. Unfortunately, Estate Planning is not a one and done type of situation; Estate planning is an ongoing process.  Frankly, it should be a once every few years process. There are many events and circumstances that make continuously updating your estate planning documents a necessity. Most of us are aware that life changes and comes at you fast – just look at the pandemic around us.  How many aspects of your life have been affected by this new invisible threat? Probably many of you. It was an unforeseen and unplanned occurrence of huge magnitude. People became sick. People died. Americans are losing their property. Money is tighter. Stress is at an all-time high. By updating the documents every few years, you reinforce the plans and priorities you previously set in place for those you love which means that stress goes down a few levels. Anything helps in times like these! Beyond the pandemic, other events happen in life, some of which are full of joy and others full of responsibility.  Let’s dive in and get to know the events that can trigger a change in your estate planning documents.

  • Marriage

If you get married, you will need to make sure your spouse is part of your estate plan. You love your partner in sickness and health – so put it on paper! This makes things easier for everyone down the line, not just down the aisle.

  • Divorce 

Divorce sucks, but you can make it suck less. It’s reasonable to assume you do not want your ex-spouse to inherit your property. Put it on paper. If you pass away before the divorce proceedings are done, your soon-to-not-be-spouse will still inherit from your will.  Once you file for divorce, update that will!

  • Children

You love your children more than yourself. You would step in front of a train for them. As soon as your new bundle of joy enters the world, it is the perfect time to update your estate documents. Regardless of when you have a child (whether biological or adopted) or get remarried to someone with children, you can declare guardians for the children in your life if you’re no long able to.

  • Death of a Beneficiary.

If any of your beneficiaries have passed away make sure your plan is updated to reflect your new designations.

  • Tax Changes.

Tax laws change often. As those changes come in effect, you need make sure you are not negatively affected by them. Tax laws can change the percentage of which your estate is taxed or how long you have to withdraw or distribute money.  Make sure your assets are protected by going to Jerimy Kirschner and Associate who are well versed in tax law.

  • Moving

If you have moved to another state or country make sure that your documents follow the laws in that state or country. These laws can widely vary – you and your estate need to be safe and comfortable.

  • Starting a Business.

We love an entrepreneur with a dream! But, make sure you have business succession plan in place allowing your business to continue to thrive after your passing.

  • Changes in Relationships

We are all human; We grow apart and form new relationships every day.  You might have listed a close friend as your attorney-in-fact and now you never speak to each other.  Another reality is that sometimes people, for a valid reason, want to disinherit their children or grandchildren. Here at Jerimy Kirschner and Associates, we want to make sure that your estate planning documents are updated to reflect your current preferences.

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