Modernizing your estate plan can prevent future disputes

On Behalf of | Oct 28, 2020 | Firm News

After creating your estate plan, you can breathe a sigh of relief knowing you have protected your wishes. However, if you completed your plan several years ago, it may be wise to revisit the matter to ensure your plan still represents your present-day needs.

Modernizing your estate plan does not mean putting it in some technologically-advanced format; it means updating it in a way that protects your wishes now and in the future.

Updating your assets

Your assets can change dramatically over the years. If you do not update your estate plan, you could be creating several problems for your loved ones when the time comes to distribute money, property and other assets.

To prevent this, update your assets. Keep in mind new property as well as changes in valuations.

Protecting your modern family

Today’s families look quite different than they did a generation ago. Today, things like adoption, divorce, remarriage and same-sex marriages are far more common building blocks of a family. As time passes, your family can change in ways you didn’t expect, so revisiting your estate plan can be critical.

Without an updated plan, any decision-making authority and property distribution occurring after your passing can be at the mercy of courts, disapproving parents and outdated laws. Thus, your plan should reflect your modern family and values.

Staying up to date with the law

Laws change all the time, both at the state and federal level. There can also be changes in political administrations that affect things like estate taxes and exemptions.

Whether you want to take advantage of current laws or avoid potential changes that could be around the corner, revising your plan to reflect present-day laws and future liabilities can be crucial.

Protecting yourself, your family in the future

For better or worse, times are very different today than they were a decade ago; and in another decade, things may look very different than they do right now. When you update your estate plan, you prevent your loved ones from the stress and frustration of trying to navigate a modern world with an outdated map.