Estate Plan Revisions: Keep Your Legacy Up to Date
Your estate plan is not a “set it and forget it” document—it should grow and change as your life evolves. Estate plan revisions ensure that your wishes are accurately reflected and that your loved ones are protected, no matter what changes life brings.
Has it been a while since you reviewed your estate plan? Updating your plan is essential to avoid unintended consequences and to keep your legacy intact.
What Does Estate Plan Revision Involve?
Revising your estate plan means reviewing and updating the key elements to reflect your current goals, family situation, and financial circumstances.
This process may include:
Updating Beneficiaries: Adjusting who inherits your assets due to births, deaths, marriages, or divorces.
Changing Fiduciaries: Replacing trustees, executors, or guardians based on new circumstances.
Incorporating New Assets: Adding recently acquired property, investments, or accounts to your plan.
Adapting to Tax Law Changes: Ensuring your plan takes advantage of the latest tax strategies.
Adding or Modifying Documents: Including new trusts, powers of attorney, or healthcare directives as needed.
Why Is It Helpful?
Revising your estate plan ensures it remains accurate, effective, and aligned with your current goals.
Key Benefits:
Keeps Your Plan Current: Reflects life changes like marriage, divorce, children, or a significant financial shift.
Maximizes Tax Benefits: Adapts to changes in tax laws, potentially reducing estate taxes and protecting more of your wealth.
Avoids Family Disputes: Prevents confusion or conflicts by ensuring your plan is clear and up to date.
Protects Your Loved Ones: Ensures your family is cared for and your wishes are honored.
Incorporates Advanced Strategies: Allows you to add trusts or other tools that better meet your evolving needs.
Real-Life Example:
Tom and Susan hadn’t updated their estate plan in over 10 years. When their youngest child was born, they realized their plan didn’t include a guardian for him. After working with their attorney to revise their documents, they added a guardian and updated their beneficiaries, ensuring their entire family was protected.
Who Are Estate Plan Revisions For?
Estate plan revisions are essential for anyone with an existing plan who has experienced life changes or wants to ensure their documents are effective and up to date.
You should consider revising your estate plan if you:
Have experienced a significant life event (e.g., marriage, divorce, birth, death).
Have acquired or sold significant assets, such as property or businesses.
Want to change your beneficiaries, trustees, or executors.
Are concerned about changes in tax laws that could affect your plan.
Haven’t reviewed your estate plan in 3–5 years.
Common Questions
1. How often should I review my estate plan?
We recommend reviewing your estate plan every 3–5 years or after any major life event.
2. What if I only need small updates?
Even minor changes, such as updating a beneficiary designation, are important to ensure your plan reflects your current wishes.
3. Can I revise my estate plan myself?
It’s best to work with an experienced attorney to ensure changes are legally valid and do not inadvertently conflict with other parts of your plan.
4. Are there costs involved in revising my estate plan?
Yes, but the cost of keeping your plan current is far less than the potential expense and stress caused by an outdated plan.
Free Consultation
Protect your legacy by keeping your estate plan up to date. Life changes—your estate plan should too. Whether you need a simple update or a comprehensive revision, we can help ensure your plan reflects your current goals and priorities.
Click below to schedule your free consultation and get started on your estate plan revisions.
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Testimonials
"Justin made the process of updating our estate plan so easy. We hadn’t reviewed it in years, and now we feel confident that everything is taken care of." — Rachel and John M., Draper, Utah
"After my divorce, I needed to revise my estate plan to reflect my new circumstances. Justin walked me through everything and gave me peace of mind." — Scott R., Lehi, Utah