Estate Planning Oversight: Neglecting Updates Over Time

by | Dec 27, 2023

Estate Planning Oversight: Neglecting Updates Over Time And How To Avoid It

Estate planning is not a “set it and forget it” affair. Merely having a plan in place isn’t sufficient if it does not accurately address your circumstances. To steer clear of estate planning mistakes, it’s crucial to update your plans following significant life events, including:

  • Marriage
  • Homeownership
  • Parenthood
  • When your child reaches 18 or 21
  • When your child gets married
  • Divorce, and more

As your goals evolve or public policy undergoes changes, so should your estate plan. Alterations in net worth, estate composition, job status, residence, and various other factors should also prompt a comprehensive review of your plan. Relocating to or moving away from Missouri, for instance, necessitates a thorough estate plan review. While states generally recognize estate planning documents from other states, legal instruments like wills, trusts, and powers of attorney are state law-driven, and moving can introduce complexities to your estate plan. Moreover, changes at the state and federal government levels can impact estate plans.

Solution: Regularly revisit your estate plan following significant life changes or government updates. We can assist you in avoiding estate planning mistakes by reviewing your plan when you relocate to the area or experience a major life event. Our experienced attorneys are prepared to update your estate planning documents as needed. We prioritize genuine advice and won’t recommend revisions solely for the sake of generating work.

Book online to schedule your complimentary initial consultation or call our office at 816-399-2757.