Creating an estate plan is the first step to planning for the future, but an estate plan is only as good as its most recent review. When an individual creates an estate plan in Oklahoma City and leaves it untouched for decades, their surviving family members are often left with a mess to untangle. Their estate plan may reference assets that have long ceased to exist or been transferred, grant assets to those who have passed away or are estranged from the family, or use language no longer recommended in legal documents. That’s why regular updates are so important. Consulting an estate planning attorney in Oklahoma can ensure your plan remains current and effective. We can help; call Entz Burton & Associates at 405-773-9800 to set up a consultation with our team now.
Your estate plan may include a variety of tools and instruments used to manage your assets and final wishes, both after your passing and if you become incapacitated. Your wishes and preferences may change throughout your life, and regular estate updates honor those changes while streamlining your executor’s tasks and priorities. Partnering with an Oklahoma estate planning law firm can provide you with the expertise needed to maintain a comprehensive and up-to-date estate plan.
Updating Your Estate Plan on a Set Timeline
Even if nothing changes in your life, it’s still helpful to review your estate plan on a regular basis to verify that nothing has changed and help your loved ones avoid probate. The more complex your plan is, the more frequent your estate planning attorney may recommend reviews. An annual review may be recommended for minor changes and tweaks to your estate plan; regularly reviewing your beneficiaries and asset lists can ensure that all of your documentation reflects your current wishes and assets. Consulting an estate planning lawyer in Oklahoma can provide tailored advice for these periodic reviews and updates.
You may also want to review your estate plan more thoroughly upon reaching milestone birthdays. For example, turning 50 or 60 years old may be a time to think about what the next stage of your life may bring and how you want to bring that about. It may also be a time to think about familial relationships and any major changes you want to make to your estate plan. For some people, an annual estate plan review may be a bit too much. If you don’t have a complicated estate plan and your asset list is fairly simple, you may want to review it every few years instead.
Circumstances Warranting a Review of Your Plan
Certain life changes and difficult circumstances may also prompt you to review and update your plan. Everything depends on your unique family and needs, but common scenarios that may warrant a review include:
- Marriage or divorce: Both of these life changes may lead to massive changes in your estate plan. A surprising amount of people have failed to change their estate plans after a divorce, leading to a long-divorced ex-spouse inheriting their assets or being named on their bank or retirement accounts.
- Birth or adoption: Bringing a child into your family, either via birth or adoption, is an exciting and miraculous time. Make sure that you are setting that child up for success by naming them in your estate plan and ensuring that they are cared for should you pass away when they are still a minor.
- Death of a loved one: If a loved one passes away, you’ll need to decide what happens to their share of your estate. This can be painful, particularly shortly after a loss, but handling this matter promptly ensures that there are no issues or misunderstandings when your estate is managed.
- Estrangement: Losing a family member or friend because your relationship becomes estranged can be just as painful as separation by death. When a relationship changes so drastically, a review of your estate plan is necessary.
- Asset changes: A sudden increase or decrease in assets may mean that you need to change how they are distributed across your beneficiaries. It may also affect your options for asset protection.
- Major health changes: Health scares or major diagnoses may change how you look at life and how you want your end-of-life preferences to change.
- Relocation: State laws vary, and moving to a new area may mean meeting with a new estate planning lawyer.
Wondering About Your Next Steps? Contact Entz Burton & Associates
When you’re ready to start or review your estate plan, the estate planning law firm Entz Burton & Associates looks forward to meeting with you. Let’s set up a meeting, discuss your options, and create an estate plan that reflects your wishes. Call us at 405-773-9800 or send us a message on our website to schedule a consultation.
