Hyden, Miron & Foster, PLLC Law Blog

Thursday, July 17, 2014

Reasons to Update Your Estate Plan

Everyone should have an estate plan, regardless of age or socioeconomic status.  But, the unfortunate reality is that only about half of adults have a Last Will and Testament, let alone a comprehensive estate plan. Of the adults who have engaged in estate planning, they all too often allow their plans, and corresponding legal documents to become outdated. As the circumstances in life change over time, so too should your estate plan.   If you already have an estate plan, it is recommended that you take a look at it from time to time to determine if it needs to be updated or changed.

Changes to Your Inner Circle

The addition or subtraction of a family member may impact your existing estate plan.  For example, the birth of a new grandchild or a divorce may change the way you want your assets distributed.  You may also want to add a new beneficiary to your plan or cut someone out.  So, it is important to take a look at your estate plan after these types of life events occur to determine what effect they may have. 

Changes to Executor/ Trustee

Another set of factors that can affect your estate plan are the changing personal characteristics of those you have chosen to be an executor or trustee/ co-Trustee.  Estate plans can exist for a number of years and sometimes the person initially chosen for the position is no longer the best person for the job.  Consider the person’s age, residential location and abilities to determine if they are still a good candidate to serve as executor, trustee/ co-trustee after your passing

Changes to Your Assets and to Existing Tax Laws

Changes in assets can also have a significant impact on your estate plan.  It is crucial to evaluate how your assets have changed and determine if your estate plan is comprehensive enough to cover all of your assets and how they are to be distributed.  Also, tax laws change on what seems like a daily basis.  Therefore, it is also important to speak to an attorney who can advise you as to whether changes in tax laws call for changes to your existing plan.

Changes to Your Perspective

Lastly, have your personal beliefs changed?  If you feel differently now about end of life issues than you did when you first created your estate plan, your advance directives such as your healthcare power of attorney and living will may need to be changed.  Advance directives are critical to a thorough estate plan and should be considered when doing an update.

If you are seeking the representation of an experienced attorney to craft an effective estate plan or to update an existing one, call Hyden, Miron & Foster, PLLC at (501)376-8222.


Archived Posts

2019
2018
2017
2016
2015
2014



© 2019 Hyden, Miron & Foster, PLLC | Disclaimer
Agriculture Law | About | Attorneys | Client Forms | Resources | Practice Areas | News

FacebookGoogle+Twitter

Law Firm Website Design by
Amicus Creative


200 Louisiana Street, Little Rock, AR 72201 | Phone: 501.482.1787 | 557 Locust Avenue, Conway, AR 72034 | Phone: 501.482.1787
4501 N Highway 7, Suite E, Hot Springs Village, AR 71909 | Phone: 501.482.1787 | 721 S Main Street Stuttgart, AR 72160 | Phone: 870.673.0083