Sadly, people often don’t think about estate planning. They may not see the need for an estate plan because they don’t have a large estate facing estate taxes. Some people don’t want to think about their own death. By avoiding the topic, it may be that they feel that they can prolong or postpone their own death. Unfortunately, even with advances in medical science, the death rate is still one per person. Others may believe that the costs of estate planning outweigh the benefits. They fail to consider the time and financial costs their lack of planning can impose on their children or grandchildren.

Whatever the case may be, everyone should at least review their assets with an estate planning attorney. A good estate plan will likely include the use of non-probate transfers (beneficiary deeds, transfer-on-death and pay-on-death designations), a will, a durable power of attorney with health care provisions, and if necessary, a trust.

If you have already created an estate plan, you need to periodically review the documents to make sure that they still accomplish your goals. You need to review your estate plan especially if you are:

1. Having A Baby. You need to designate a guardian to care for minor children if something happens to you or your spouse. You also need to name your children if you have specific items of personal property to pass to them.

2. Getting Married Or Divorced. If you are getting married, you will likely want your assets to pass to your surviving spouse upon your death. If you are getting divorced, you likely do not want your former spouse to inherit from you. You need to review your estate plan when you are getting married or divorced.

3. Moving To A New State. Typically, a will or trust is valid when you move as long as it was valid at the time that you signed the document. However, it is wise to verify this with a local estate planning attorney in the state where you live following the move.

4. Experiencing Significant Changes in Financial Status. An estate plan is heavily dependent upon the value of your assets. A simple will may no longer be the best option if your estate is subject to estate tax. You may no longer need a complicated trust if your assets have depreciated in value or been spent on medical care. You should contact your attorney to update your estate planning if you experience either a financial windfall or loss.

Our Estate Planning Attorneys Can Help!

If you are interested in establishing an estate plan, or updating your existing estate plan, contact one of our estate planning attorneys. Our lawyers are experienced in drafting wills, trusts, powers of attorney, and other estate planning documents. Give us a call at (573)686-2459 to set up your initial consultation today.