Do You Need to Update Your Estate Planning Documents in the New Year?

millman law group update estate planning documents

Have you experienced life changes this year? It may be time to update your estate planning documents!

The start of a new year is an ideal time to review your estate planning documents. A lot may have happened in the previous year to impact your beneficiary decisions or the assets you hold. It’s important to consult with your estate planning attorney at The Millman Law Group to consider how your property and assets are set to be distributed. You must also consider the beneficiaries and executors, trustees, and other roles you have assigned. Why is it helpful to update your estate planning documents in the new year? You may have experienced one or more of the following life events, which can impact the plans for your estate. 

Marriage or Divorce

Did you, your child, or another family member named in your documents get married or divorced this year? This may influence how much you decide to leave to this person and their spouse. Make sure to remove the ex-spouse from documents if you don’t wish that person to receive an inheritance previously meant for them to share. 

Birth or Adoption

If you have a new child or grandchild in your family tree, you may want to include them in your estate plan. If you have a new child in your home, now is also a good time to name a guardian in the case of your death. 

A Child Has Reached the Age of Majority 

Has a child named in your estate plan turned 18? Or have they reached another significant milestone that influences decisions in your estate plan? Consider what changes may need to be made to address these updates. 

Death or Serious Illness

Has someone in your estate plan fallen seriously ill or died this year? This may mean you have to update your estate planning documents if you have named them a beneficiary. Additionally, you must assign new people to those roles if they were named as executors, trustees, or power of attorney. Before selecting new people, discuss with them whether they want to accept the responsibility. 

Changes in Relationships with People or Organizations

Of course, sometimes you may have a falling out with someone with whom you were previously close. If that happens, you want to review your estate plan to make sure that you don’t accidentally leave them your treasured assets. The same applies to any organizations you had planned to allocate funds to after your death. Alternatively, if you have found an organization you love, you can add them to your documents. 

The Purchase or Sale of Major Assets

Naturally, if you added more assets to your estate this year, you will have to update your estate planning documents. If you bought or sold a house, opened or closed a business, or had any other significant property and asset changes, consult your lawyer as soon as possible. 

Tax Law Changes

Are there any new or different provisions in the tax laws that affect your estate plan? Your lawyer will be able to inform you of any new laws or updates that influence your decisions and require you to update your estate planning documents. 

Estate Planning Made Easy With Millman Law Group

Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.