Updating Your Estate Documents

It is important to review your estate planning documents through out the year and make any changes that may have changed the wishes you want carried out in your estate planning. Things happen and it is easy to forget that some of those things need to be reflected in your estate planning.

1. When you are updating your estate documents, you will want to not only update any changes that may have occurred with your property and assets, but also any changes that may involve the people that are listed in your estate planning document.

2. Marriage is an important reason to update your estate planning documents.

3. Divorce is another important reason to update your estate planning documents.

4. The birth of a child, adoption, or birth of a grandchild is reason to do an update. If you have a child who is a minor you will want to name someone as a guardian for that child in case you happen to pass away.

5. If someone in your estate plan has died, you will want to update your plan with this change. If this person happens to be a trustee, power of attorney, or executor, you will want to choose someone else who you trust and who is willing to except the responsibilities.

6. If you have bought or sold any property, those changes need to be made to your estate plan.

7. Buying or starting a business should also be reflected in your estate planning.

8. If you happen to move from Arizona to another state, you will want to check to see if your current estate plans are valid in your new state.

9. Different states have different tax laws when it comes to property. These tax laws can affect your estate planning and distribution. Make sure to be up-to-date with your state’s current tax laws and make any changes if needed.

10. If you have started a new job and changed insurance and life insurance policies, you will want to update your estate documents and include the beneficiaries listed for those policies.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.