Since a devastating accident could theoretically happen at any moment, it is wise to create a comprehensive estate plan before you need one. However, those who take a proactive approach to protecting their loved ones must remember to review all essential documents periodically because their circumstances will likely change over time. Below, the attorneys at The Law Office of Steven Privette in Willow Springs, MO, explain when it is wise to revisit and update the paperwork. 

Financial Situation

A will should always reflect your current financial status. That means you must update the document every time you acquire or lose an asset. This includes buying or selling property, opening a small business, and receiving an inheritance. The easiest way to ensure an estate plan is up-to-date financially is to compare it with the most recent tax return. Reviewing a will once a year at tax time will help streamline the process. 

Family Dynamics

When personal relationships change, it is often necessary to review and modify estate planning documents. Changes that may warrant tweaking include getting married, having or adopting children, and getting divorced. You will also have to update certain documents after loved ones pass if they were named as beneficiaries. 

Laws 

Seasoned estate planning attorneys will track all the latest statutes and regulations that might affect their clients. It is wise to review local laws on your own, though, just in case you need to make any sweeping changes. Since such rules vary by state, moving will also call for modifying critical documents. 

If you need to draft or update a will, turn to the attorneys at The Law Office of Steven Privette. Based in Willow Springs, MO, this general practice firm represents clients throughout all of Howell County. For over 30 years, they have been helping individuals and families plan their legacies, offering quality guidance through every step of the process. Learn more about their background and expertise in this and other practice areas by visiting the website. To schedule a consultation with an attorney, call (417) 469-3535 today.