When Should You Change Your Estate Plan?
Circumstances change and often the estate plan you established years ago no longer reflects your present-day goals and wishes. Do not worry, your estate plan can be revised at any time.
If you are seeking to change your estate plan in Kansas or Missouri, Barbara E. Hecht, P.C., is here to guide you through the process. We have extensive experience creating and revising estate plans for clients in Kansas City and throughout surrounding communities.
Top Reasons For Changing An Estate Plan
There are many reason people revise their estate plans months or years after they are initially established. Some of the most common include:
- A marriage or divorce: One of the first things you should do after getting married or divorced is updated in your estate plan. Failure to do so could result in a number of problems, such as an ex-spouse inheriting your estate or children from a prior marriage getting left out of your will.
- A move out of state: Many states have different rules regarding wills, trusts, powers of attorney and other estate planning instruments. If you are moving to a new state, consult with an attorney who is knowledgeable in your new home state’s laws pertaining to your estate plan.
- A change in the law: When the state or federal government votes in a new law, it can affect brackets, exemptions, deductions, income tax rates and other issues related to your estate plan.
- An issue with an executor or trustee: If a fiduciary you placed your trust in moves away, pass away or simply is no longer the best choice for his or her role, you can transfer that role to someone else.
At our firm, an experienced attorney will review your existing estate plan and let you know if revisions are in your best interests. If so, we will update your wills, trusts and other estate planning documents with the utmost care and attention to detail