Common Signs You Need to Revise Your Estate Plan
Just because you have an estate plan established does not necessarily mean it will always best protect your interests and your wealth.
As time goes on, you should regularly look at and revise your estate plan, if necessary, to ensure it will create a smooth transition of your assets after your passing and that it does not have any glaring holes. This is especially important if you’ve recently experienced a major life change.
The following are a few signs you may need to revise your estate plan:
- It’s based entirely on your will: Although a will is a key estate planning tool, it’s possible you’re not using it properly or have based too much of your estate plan on it. Any good estate plan should also consider some aspect of probate avoidance, and wills do not automatically do that. If you have a will that was created several years ago, have an attorney look at it to make sure it’s still right for your situation.
- Unfunded trusts: Speak with your estate planning lawyer about the assets you should be putting into your trust and how you can get the most out of it. While funding a trust only at the time of your death may be the right plan for some people, discuss with your estate planning lawyer about whether funding a trust during your lifetime is best for you.
- Unprotected assets: If, for example, you have valuable assets you’re leaving behind to certain beneficiaries, you cannot always protect those assets from creditors, lawsuits, divorcing spouses or other outside influences. An attorney will help determine the best tools to protect these assets.
- Improper amount of life insurance: Depending on your situation, you might either have too much or not enough life insurance coverage. Consult your estate planning attorney about choosing an appropriate policy for you.
- Lack of planning for medical care: Many people do not include stipulations in their estate plans about what should happen if they become incapacitated, such as through a major injury or long-term illness. Make sure you cover this possibility through a living will.
If you need to review or revise your will and other estate planning documents, meet with an experienced Tampa attorney at BaumannKangas Estate Law.