A current estate plan is vital to protecting your assets and your family’s future. Many people think that simply having an estate plan is enough to ensure the proper transfer of your assets in the future. Unfortunately, life is never easy to predict. It may be possible that the terms of your established estate plan are no longer desirable or possible.
Not making updates to your estate plan after life changes, such as marriage or the birth of a child, may leave your assets and loved ones vulnerable. A seasoned estate planning attorney could help guide you through the process of updating an estate plan in Moorestown.
Why Would Someone Need to Update an Estate Plan?
There are typically two reasons someone would want to update their estate plan. The first category is when an existing estate plan no longer reflects the maker’s wishes. For example, relationships change over time, and someone may no longer wish to transfer a specific piece of property to the heir they had initially named in their will. Someone could also want to update their estate plan due to changes in circumstances, such as a sudden accumulation of assets, that motivates them to move property into a trust as soon as possible.
Other people update their estate plan when life changes render an existing plan incomplete or even illegal. Common examples include someone remarrying, giving birth to an additional child, or if an heir passes away. When an estate plan is not updated to account for these changes, state laws regarding intestacy or spousal share may go into effect. Our dedicated attorneys in Moorestown could evaluate a person’s current estate plan and help determine whether an update is necessary.
The Legal Process of Updating an Estate Plan
Modifying an existing estate plan can be a fairly straightforward process. State law establishes that the creation of a new estate plan document rescinds the older version as a legal mechanism. Therefore, updating an estate plan requires creating a new document that clearly states any desired changes. This new document and its stipulations will automatically override the pre-existing, older version.
This process is especially simple when the two documents specifically name an asset, and the new document gives different instructions for the asset’s movement in the future. For example, a new document may change the heir that receives certain property. Our experienced team could help craft documents that meet all relevant legal standards to update an estate plan in Moorestown.
Contact an Attorney About Updating an Estate Plan in Moorestown
Every adult should have a comprehensive and up-to-date estate plan. Even if you have already created an estate plan, regularly checking on it could help ensure your intended transfer of assets aligns with your desires and circumstances. It is best practice to review your estate plan every couple of years or whenever you encounter a significant life event.
Talking with a local attorney could help you evaluate your and your family’s needs and any changes to your estate plan that should be made to address them. Our skilled legal team could assess your current plan’s impact on the future, listen to your needs, and help with updating an estate plan in Moorestown. Call us today to get started.