You should review your estate plan every three to five years or after any significant life events.
CAPE GIRARDEAU, MO, January 25, 2024 /24-7PressRelease/ — Do you know how you want your assets to be managed after your death or incapacitation?
An estate plan is a legal document that ensures your assets are distributed according to your wishes, and it can also help minimize taxes and avoid probate. It’s important to review and update your estate plan periodically to ensure it continues to reflect your wishes.
In Missouri, here are some instances where you should update your estate plan:
1. Changes in Marital Status: Marriage, divorce, or separation can all affect how you want your assets distributed. If you get married, you may want to update your estate plan to include your new spouse. But, if you get divorced or separated, you may want to remove your former spouse from your estate plan.
2. Changes in Family Status: The birth or adoption of a child or grandchild can also impact your estate plan. You may want to update your plan to include provisions for their care and support.
3. Changes in Financial Status: If your financial situation changes significantly, you may need to revise your estate plan accordingly. For example, if you acquire a new asset or start a new business, you may want to include it in your estate plan. Additionally, if you experience a significant increase or decrease in your net worth, you may want to reconsider your beneficiaries or adjust your estate tax planning strategies.
4. Changes in Health Status: If you or a family member experiences a significant health event, such as a diagnosis of a chronic illness or disability, you may need to adjust your estate plan to address potential long-term care needs or special medical needs.
5. Changes in Estate Planning Laws: Laws related to estate planning, taxes, and probate can change over time. It’s essential to review your estate plan periodically to ensure it is still compliant with current laws and regulations.
Kelvin Birk, lead attorney at Birk Law, says, “Reviewing and updating your estate plan regularly is crucial to ensure that it reflects your current wishes and life circumstances.”
About Birk Law Firm
Kelvin Birk is a lawyer and a certified public accountant with over three decades of experience in tax, business consulting, and legal matters. This unique combination of expertise enables Birk Law Firm to provide superior service compared to other law firms. Birk Law Firm has extensive experience in providing legal representation to residents of southeast Missouri and beyond. Kelvin resides with his family on a rural Jackson farm. Contact Birk Law Firm at 573-332-8585.
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