Estate planning protects your assets and takes care of loved ones after you're gone. It establishes your legacy and ensures the people in your life receive the property and other assets you want them to have. Your estate plan isn’t set in stone, and it should be revisited regularly and updated as your life changes. Below are a few events that usually require you to update your plan.

Why You Should Update Your Estate Plan

1. Accommodate Different Laws

States have different estate, tax, and probate laws. Moving from one state to another could impact the amount of money in the estate and what is ultimately bequeathed to your beneficiaries.

For instance, some states have a tax on estates of higher value. Tennessee does not have a state-level estate tax. If you move here from a place that does, you may want to adjust the amount of money detailed in the plans.

2. Change Beneficiaries 

If you and your spouse divorce, you should amend estate plans to remove them as a beneficiary. Forgetting to complete this task might give certain assets to someone you no longer speak to, which can cause confusion and disagreement within your family.

Be sure to include a new spouse if you get married so that they’re remembered as a cherished family member. With the birth of children or grandchildren, you'll want to change your estate plans to include these new additions.

3. Replace Executor

The executor is the person you appoint to oversee the estate. They notify beneficiaries, inventory assets, open a probate case, and manage the distribution of property. Many people choose a spouse or a child for this important duty. If that individual is no longer available or can’t handle the responsibility of this position, it's time to update your plans.

An attorney will help amend your plans quickly, easily, and without stress. Trailhead Estate Planning provides the Signal Mountain, TN, area with comprehensive estate planning services. From wills and trusts to powers of attorney and guardianships, their team will help you design your legacy. Call (423) 228-7029 or visit them online to schedule a consultation.