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5 reasons for updating your estate plan now

On Behalf of | Feb 25, 2022 | Estate Planning |

If you created your estate plan several years ago then put it out of your mind, you are not alone. In fact, you are part of the majority.

However, changes happen in life. Here are five reasons you should make an appointment to update your estate plan.

1. Different beneficiaries

Perhaps your family now includes a new grandchild. Perhaps you recently divorced or remarried. Make sure you include the new names and relationships in an updated estate plan and remove the beneficiaries you no longer wish to keep in the plan.

2. New assets or liabilities

You may have acquired one or more new assets, or you may have sold an asset. Your updated plan should reflect changes in the value or composition of your estate.

3. Issues with an executor

Over time, the executor you originally named may have moved to another state, passed away or developed health problems that make him unable to serve. In that case, it is time to name a new executor for your updated estate plan.

4. Outdated retirement plan

Your retirement plan has likely increased in value since you created your estate plan. Do not forget to update beneficiary designations for your 401(k) or IRA. Remember that the beneficiaries for your life insurance policy, annuities and other financial accounts may also require updating.

5. Recent relocation

If you have moved to another state or have acquired a secondary residence outside of Washington, your estate planning attorney can help you. If you have changed residences, you will need to establish proof of this change. You must also update your estate plan to reflect the new information.