As life progresses, our circumstances change, as do our estate planning needs. Reviewing and updating your estate plan regularly is important to ensure that your final wishes are met and that you are taken care of if you are no longer able to make decisions for yourself. Having a Wilmington estate planning attorney will help you make sure that your estate plan is up to date on all current law and reflects your wishes. .
Understanding the Importance of Updating Your Estate Plan
Life is full of events that might require revisions to your estate plan. Some significant events that should prompt you to revisit your plan include:
- Major life milestones: When you get married, divorced, have children, have grandchildren, or have a life changing diagnosis, it is important to make sure that your estate plan reflects your current family dynamics and protects you and your loved ones.
- Changes to your assets and liabilities: Whether you acquire new assets or sell existing ones, it’s important to account for these changes in your estate plan. Additionally, if your financial situation significantly changes, adjusting your plan can help you protect your assets and minimize estate taxes.
- Relocation: If you move to a different state, it’s important to reassess your estate plan. Laws regarding wills, trusts, and powers of attorney vary from state to state, and updating your plan ensures it aligns with the regulations in your new jurisdiction.
The Role of a Trusted Estate Planning Attorney in Wilmington
Updating an estate plan can be complex, and the laws governing these matters can be complex as well. Working with a knowledgeable estate planning attorney can provide peace of mind and ensure your plan remains legally valid. An estate planning attorney provides the following for their clients:
- Experience and guidance: An experienced estate planning attorney understands the complexities of estate planning and can provide tailored advice based on your unique circumstances..
- Document effectiveness: A DIY approach to estate planning may result in errors and cause confusion among your beneficiaries. Collaborating with an attorney ensures your documents are clear, accurate, and reflect your wishes.
- Staying up-to-date with legal changes: Estate planning laws evolve, and what might have been a valid estate plan years ago may no longer be effective. A knowledgeable attorney remains informed about legal updates and can recommend necessary changes to keep your plan current.
Contact Rountree Losee LLP Today
When it comes to estate planning, having a trusted estate planning attorney by your side can make a significant difference. Rountree Losee LLP is an experienced estate planning law firm in Wilmington, NC, and we’re known for our care and dedication to our clients.
Contact our team of experienced Wilmington estate planning attorneys today to schedule a consultation and ensure your estate plan is up-to-date with the evolving legal requirements. Schedule a consultation by calling (910) 763-3404 or by visiting our website. We look forward to helping you with your estate planning needs.