ESTATE PLANNING NEWS & ARTICLES

9 Reasons to Update Your Estate Plan, 2024-2025 Edition

9 Reasons to Update

Examining and potentially updating your estate plan is critical this year more than ever. Estate plans are a work in progress – they require regular reviews and updates. This is especially true given the current environment: an election year, potential shifts in tax laws and ongoing health concerns like COVID-19, flu, and RSV affecting families across the country. Even in non-election years, it is essential to review your estate planning documents, particularly if they were created three or more years ago, or if you’ve experienced any of the following life events:

Reasons to Review Your Estate Plan

(1) Changes in Personal Relationships

  • Divorce or remarriage
  • Birth or adoption of a child, grandchild, or other dependent
  • Death of someone named in your will
  • Children or grandchildren reaching the age of majority (18)
  • Education funding needs for children or grandchildren
  • Outstanding family loans requiring documentation
  • Significant changes in relationships with family members, friends, or business partners

(2) Changes to Key Individuals in Your Plan

  • Death, incapacitation, or changes in the circumstances of your executor, guardians, trustees, or beneficiaries

(3) Charitable Giving Intentions

  • Adding charitable donations or organizations to your estate plan

(4) Significant Financial Changes

  • Substantial changes in your estate’s value (loss or gain of assets)
  • Purchasing life insurance or receiving income from a trust
  • Receiving an inheritance or making large gifts

(5) Starting a Business

  • Becoming an entrepreneur and starting your own business

(6) Tax Law Changes

  • Updates in federal or state tax laws since your last review

(7) Retirement Planning

  • Retirement or withdrawing from an IRA or 401(k)

(8) Relocation or Property Purchases

  • Moving to a different state or purchasing a second home

(9) Time Since Last Review

  • If it has been more than three years since you last reviewed your documents

Keep Your Plan Current

If you’ve experienced any of these situations, it’s time to review and update your estate plan. Staying proactive ensures your wishes are clear, your loved ones are protected, and your plan complies with current laws and circumstances.

Contact Seiter Law today to schedule a review and keep your estate plan up-to-date.

Updated 12-13-2024