A typical estate planning scenario. You get together with an estate planning professional. It takes some time, but eventually, you create a sound plan that protects your loved ones and your assets.
It sounds like a recipe for estate planning success except for one major flaw. You created your plan two or three decades ago when you got your first major promotion. Estate plans older than even a few years require a review periodically.
Why do older estate plans need a review?
Estate planning laws change from time to time here in Arlington, Virginia, and across the country. Your plan cannot fulfill your intentions if it violates the law or does not take advantage of new laws that can save you money. Another reason you need a review is that your life has probably changed. You may have:
- Had children
- Had grandchildren
- Lost some loved ones
- Opened a new business
- Accumulated retirement accounts
- Invested in cryptocurrency or other digital assets
Any of the events above can change your estate planning objectives. If you fail to address them, you risk losing assets and leaving some members of your family unprotected under your existing plan.
A professional review of your estate planning documents also allows you to address new concerns and family changes. Say you have concerns about the possibility of physical or mental incapacitation. An estate plan review can help you make provisions for this possibility by exploring the benefits of guardianship or conservatorship. If your children or grandchildren recently married, a review allows you to update your documents with your loved ones’ current legal names.
We suggest learning more about estate planning in Virginia. When armed with accurate legal knowledge, you can contribute in meaningful ways during discussions with your advocate.