When to Revise Your Estate Plan

by | May 24, 2024

You’ve already set up your estate plan, but several significant life events have occurred since then. You might be contemplating whether to consult with an estate planning attorney or maintain the status quo. At Axis Law Group, many of our clients face this dilemma. Today, we’ll explore some common life events that signal it’s time to revise your estate plan.

Marriage

Few milestones rival the joy of marriage. Yet, along with this joy comes the need to navigate logistical decisions to merge two lives. Ensuring alignment with your new spouse involves updating your estate plan. Adjustments typically include revising beneficiaries, personal representatives, trustees, and powers of attorney to reflect your marital status.

Divorce

Conversely, divorce is another significant event necessitating a review of your estate plan. While , it doesn’t affect other individuals like children, family friends, or former in-laws you may wish to exclude. It’s advisable to consult one of our estate planning lawyers at Axis Law Group to address these specific changes.

Children

Welcoming a child into your life through adoption or birth is a momentous occasion, bringing immense joy and responsibility. Part of responsibly caring for your growing family involves updating your estate plan. This includes revising beneficiaries and addressing guardianship concerns. It’s prudent to mitigate the risk of your minor child ending up in temporary foster care by proactively addressing guardianship needs through a will or trust.

Relocation to Another State

Moving to a new state presents its challenges, especially regarding estate planning laws that vary between states. For instance, estate planning strategies like a beneficiary deed utilized in your former state may not be recognized in your new state. This could nullify your efforts to avoid probate. If you’ve recently moved to Missouri, consider consulting a Lee’s Summit estate attorney to ensure compliance with local laws.

Establishing an LLC

Creating an LLC is relatively straightforward. By filing articles of organization with the Secretary of State and paying the requisite fees, you can establish your own LLC. However, adhering to legal formalities to secure limited liability protection involves having an operating agreement, a business account, and maintaining annual minutes.

Many business owners are unaware that a business account could trigger probate proceedings. Therefore, it’s essential for your operating agreement to outline how you want your business managed in the event of your death or incapacity. Failing to include such provisions could result in even modest funds in your business account subjecting your loved ones to probate. To preempt this scenario, engage Axis Law Group, your local estate planning attorneys, to assist in drafting your operating agreement.

Free Consultation

Life is dynamic, and your estate plan should adapt to reflect your current circumstances and desires. Reach out to us now to schedule a complimentary initial consultation with an estate planning lawyer at Axis Law Group. We’ll work with you to revise your estate plan, ensuring the security of your family’s future and providing you with peace of mind.