Estate planning is a critical way to make sure that your intentions are implemented once you are gone, and your family is provided for. 

But life does not stand still — marriages, divorces, births, deaths, moves, and changes in income can make the created estate plan inapplicable. 

That is why it is inadvisable to maintain an old estate plan without revising it after such events in life. 

If your estate plan is already outdated, then it is high time to update it for the reflection of the current life status and legal changes.

Determine Events Which May Alter Your Estate Plan

Some of the major life changes that should prompt an update of the estate include;

Marriage and Divorce

Marriage, divorce, and death. Your spouse or former spouse can be an intended beneficiary, a named beneficiary, or the executor of your will. 

If you have remarried, then your new partner may want to be added, and a change of will on who gets an inheritance and beneficiary changes.

Birth or Adoption of Children

One of the most common reasons for a reconsideration of the estate plan is the birth of a child or the adoption of other family members. 

You may wish to nominate a guardian for your minor children, set up trusts for their college tuition or care, and give instructions about their care in your will. 

Passing on of a beneficiary or executor

In this case, if a beneficiary or an executor named in your estate plan dies, it is important to make changes to the documents. 

This helps in the proper management of the estate as per your will and also helps in averting any legal problems. 

Loss or Gain in position or financial position

When your status or net worth increases or decreases, it is important that your estate plan does the same. Real estate, investments, or business ownership in large assets mean that they should be mentioned in your will or trusts. 

Likewise, if you have large numbers of debts or liabilities, these should also be dealt with so that your estate plan can provide a good solution for it.

Relocation to a New State

Estate laws differ from one state to another, therefore if you have relocated to a new state, you will need to make sure that every estate plan stated meets the state’s legal requirements. 

Some of the documents you might have include powers of attorney or healthcare directives that may require changing to conform to the legal requirements of the new country.

Look at Your Present Estate Plan

As you consider these changes, it is important that you first sit down and review your current estate plan. 

This includes your will, trusts, powers of attorney, and healthcare directives. Search for provisions that might be out of date or differences that are inconsistent with your current preferences. 

Any text that contains legal terms should be reviewed with a focus on changes that will ensure that it is legal to use in any state or at the federal level. 

It is recommended to speak with an estate planning attorney in order to review all documents and determine whether any changes are needed to reflect your current objectives.

Update Your Will and Trusts

Your will and trusts are at the core of your estate plan. If you’ve recently started a family, sold a business, or lost a loved one, it is high time to review these documents. 

You can amend your will as easily as writing a codicil, which is a document that amends or adds certain provisions or terms to a will, or creating an entirely new will if your changes are many. 

For trusts, it is essential to complete the information about the current beneficiaries, the assets, and the instructions in the terms of the trust. Think about whether a living trust could be of help in avoiding the need for probate and in making the management of your affairs easier after your death.

Modify Payable on Death (POD) designations and titling of assets

Some of the assets like life insurance policies, retirement plans, and some bank accounts are managed through the beneficiary forms and thus do not follow the will instructions. 

These designations should be changed frequently, especially after some significant changes in people’s lives. It is important, therefore, to ensure that your beneficiary designations are in line with the current estate planning and your plans. 

Moreover, double-check the titles to the assets such as property or vehicles to ensure that they bear the correct estate plan especially when the assets are to be transferred through joint tenancy or TOD (Transfer on death) filings.

Regularly Review Your Estate Plan

An estate plan is not a set of documents and then forget it, but it is a process that should be revisited over time. It is advisable to check your estate plan every three to five years, or when some significant event happens. 

It enables your plan to remain up to date, it complies with the current law, and it is up to date with your instructions. It might be beneficial to meet with an estate planning attorney for a review to make sure that nothing is missed and that the plan grows with you.

How Our Lawyers Can Help You

Max Hyde Law Firm recognizes that estate planning is often a sensitive and challenging activity for people to undertake. 

If you are in the process of revamping your estate plan or if this is your first time engaging in one, our team of lawyers is prepared to assist you. Here’s how we can help:

Personalized Estate Planning

We invest our time in order to learn as much as possible about your situation and your objectives. We are going to advise you on the best estate plan that will suit you because our attorneys will help you draw one that will meet all your needs and be legally binding.

Don’t delay in updating old estate plans

Life is ever-evolving and so should estate planning. This can include updating your will after marriage, divorce, or the birth of a child; we will ensure your documents are appropriately updated.

Writing and Reviewing Wills and Trusts

If any of your wills or trusts require amendments, we are ready to help you repair those documents to be comprehensible, legal, and reflective of your existing wishes. 

We can assist you in creating or changing living trusts, testamentary trusts, and much more to protect your assets.

Tax and Asset Planning

We can help you avoid or reduce estate taxes and make the best of your property distribution. We will guide you on how to work with the tax laws to come up with an effective estate plan.

Selecting Personal Representatives and Trustees

Hiring the right individual to implement your estate plan is very important. Our attorneys will help you in selecting reliable individuals for such positions as executor, trustee, or power of attorney and make sure the chosen persons know their duties.

Living Wills and Health Care Proxy

We can assist you with healthcare directives and powers of attorney so that your medical and financial affairs are conducted in accordance with your wishes in case of your disability.

Let us assist you in navigating the legal complexities of updating your estate plan to ensure it reflects your current wishes and needs in South Carolina. Contact us at (864) 804-6330 to schedule a free consultation and move forward with confidence, knowing your legacy and loved ones are well-protected.