Making detailed provisions for the future and the allocation of your assets can bring peace of mind that your loved ones will be provided for according to your wishes. However, establishing an estate plan is not always a one-and-done procedure.
There are multiple circumstances where updating an estate plan in Virginia Beach is essential to ensure your current situation conforms with your future wishes. A lawyer can evaluate your concerns to advise whether any adjustments need to be made to your existing estate plan. An estate planning attorney can also walk you through each step of the process if you need to replace your existing estate plan with a new set of documents.
When to Update an Estate Plan
For some individuals, it may be a good idea to update your estate plan in Virginia Beach every several years. This proactiveness not only ensures that your estate plan still aligns with your personal wishes but also enables you to stay on top of changes to state and federal law that may affect one or numerous provisions.
There are also some important life occurrences that could precipitate your decision to update your estate plan. For example, if you have moved to a different home within your city, a different city, or a different state since you executed your previous estate plan, you may need to make some updates. If your family has grown since you created your estate plan, you got married, or you went through a divorce, a modification may be warranted.
You may want to update your estate plan if you are considering adding or removing any previously named beneficiaries. Another situation where you would need to modify your estate plan is if you have had a notable change in assets, whether that is an appreciation or depreciation in overall value.
If you or a beneficiary has had a change in health that may necessitate additional provisions within your estate plan, such as incapacitation planning, you will want to enact that update promptly. For example, you may wish to designate a guardian for a named beneficiary. If you did not previously, establishing documents such as healthcare and financial powers of attorney can give you peace of mind that your affairs will be in order if you suffer from a disabling condition that leaves you unable to make those decisions on your own.
When to Retain an Experienced Estate Planning Attorney
Whether you are updating a Virginia Beach estate plan or need to create an entirely new estate plan, you should not try to do so without legal assistance. Any updates or additions to your estate plan must meet strict legal parameters in order to be considered valid later, and an extensive knowledge of state law and procedures is necessary.
An attorney can help you establish the right estate plan individualized for your life and future. A lawyer can help you file the proper paperwork, set up, modify, or dissolve the correct legal vehicles, and ensure every aspect of your estate plan fulfills the specific requirements for enforceability.
Get Help Updating an Estate Plan in Virginia Beach
While updating an estate plan in Virginia Beach may seem like a relatively simple matter in some cases, these changes are not always simple. In addition to personal developments that may motivate you to alter your estate plan, regulatory updates may have occurred since you created the initial structure that could affect issues such as tax liability.
An attorney can assess your current plan, review the changes you would like to make, and help you create a new structure tailored to your present circumstances. Call now to discuss your estate plan with an experienced attorney.
