If you already have an estate plan in place, you are ahead of the game. A 2013 survey from Harris Interactive found that the majority of American adults do not even have a will. Our attorneys at Ball & Morse, PLLC, encourage people in Oklahoma to address these issues as soon as possible. Once you have a plan, keep in mind that updating your end-of-life wishes are just as important as putting the initial plans in place.
Generally speaking, experts recommend reviewing your estate plan every year. This gives you a chance to look for any items that may need updated. As Forbes magazine points out, a plan that is dated could lead to a dispute among heirs. For example, a will that has not been updated in years could unintentionally omit heirs who have been born recently.
In addition to taking the time once a year to look over your will, trusts or other items, you should also review your plans after the following circumstances:
- A child’s or grandchild’s birth or adoption
- Any change in the number of your dependents
- Marriage or divorce
- Large purchases, such as buying a home or a vehicle
- The death of an heir or the death of the person you named to be an executor, trustee or guardian of your minor children
- Significant changes in your investments
It is also advised that you take a look at your estate plan when any new laws regarding taxes go into effect. There are various tools you can use to minimize the amount of taxes your estate will have to pay following your death.
Do I need a Trust or Will?