New Year’s Resolution to Keep Your Estate Plan Current

estate plan review concept of client calling smith legal group at start of the new year

The start of a new year is the perfect time to hit reset, set new goals, and make changes in your life. While most of us are focusing on things like health, finances, and personal growth, there’s one area that often gets overlooked—your estate plan.

An estate plan is important for everyone, no matter your age or wealth. It’s a way to ensure your wishes are followed, whether it’s how your assets are distributed, who makes healthcare decisions for you, or who takes care of your kids.

But just like the rest of your life, your estate plan needs to be updated from time to time to stay in line with your current situation.

Why You Need to Keep Your Estate Plan Current

Life doesn’t stand still, and neither should your estate plan. Here’s why it’s important to keep it updated:

  • Big Life Changes: Whether you get married, divorced, have a baby, or lose a loved one, life changes, and so should your estate plan. For example, after a marriage, you might want to add your spouse as a beneficiary, or if you have kids, you’ll want to make sure guardianship is set up. Keeping things updated ensures that your plan reflects your current life.
  • Your Finances Might Change: If your financial situation changes—maybe you buy a house, start a business, or acquire more assets—your estate plan should reflect those changes too. Updating it can help avoid confusion about who gets what and make things easier for your loved ones down the line.
  • Laws Change Too: Estate laws can shift over time. Tax laws, in particular, can change, affecting how much of your estate goes to taxes instead of your loved ones. Keeping your estate plan up to date ensures that you’re not missing out on any tax breaks or new rules that could benefit you.
  • Avoid Family Disputes: When your estate plan isn’t current, it can cause confusion or disagreements among your family after you’re gone. Making sure everything is clear and up-to-date reduces the chances of any surprises that could lead to family disputes.
  • Make Sure Your Healthcare Wishes Are Known: Having up-to-date healthcare directives and a living will is so important, especially if you’re ever unable to speak for yourself. You want your family to know exactly what you want in case of an emergency. Updating these documents regularly ensures that your wishes are clear and will be followed when needed.

How to Keep Your Estate Plan Current

As you start thinking about your goals for the new year, why not add “updating my estate plan” to the list?

Here are a few simple tips to get started:

  • check mark iconReview It Every Year: Even if nothing big has changed, it’s a good idea to review your estate plan at least once a year. That way, you’ll catch anything that needs tweaking and can make sure everything’s still in line with your wishes.
  • check mark iconTalk to an Expert: Estate laws can be tricky, and it’s always a good idea to check in with our estate planning lawyers to make sure everything is in order. We’ll help you stay on top of any changes and make sure everything is legally sound.
  • check mark iconTalk to Your Family: If you make any big changes, like appointing a new beneficiary or guardian, it’s helpful to communicate with your family. It can make things easier for everyone and help avoid confusion later.
  • check mark iconStore Your Documents Safely: Keep your estate plan documents somewhere safe, like a fireproof box or a secure online service. And make sure someone you trust knows where to find them if something happens to you.

Start the Year Off Right by Updating Your Estate Plan

The New Year is all about making positive changes in your life, and updating your estate plan is an easy way to make sure you’re set for the future.

Whether you’re going through a major life change or just want to make sure everything is in order, taking the time to update your estate plan will give you peace of mind.

If it’s time to update your estate plan—or if you don’t have one yet— Smith Legal Group is here to help. Contact us at 702-410-5001 to request a free consultation and let’s get started on making sure you’re prepared for whatever the future brings.

Disclaimer: The information in this blog post is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this blog post should be construed as legal advice. No reader of this post should act or refrain from acting on the basis of any information included in this blog post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue.