Thomas Walters March 2019

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March 2019

Updating Your Plans Why Is It so Important?

S pring-cleaning doesn’t just mean tidying your house. It can also refer to organizing all of your important documents. If you’ve been neglecting to put an estate plan in place or you haven’t had the chance to update it in the past couple years, now is the perfect time to sit down and work it out. It’s essential that all the documents for your estate plan are in order, and it’s better to do it sooner rather than later. Last month, we mentioned the importance of keeping your documents updated because changes in your life can affect your plans for who or where you want your property to go to. The people you’ve picked to be your beneficiaries, agent, executor, guardian, or trustee may have gone through life changes themselves that alter the role you’ve set for them. Someone may have passed away or moved, a divorce might have occurred, there may have been a falling out, or a family member may now be old enough to take on new responsibilities. These types of changes for the people around you are only part of what you can experience. You never know which laws might change and significantly impact the amount of money or property your beneficiaries can gain. Additionally, if your assets undergo any substantial flux after your documents are signed, it can influence the tax-planning or distribution of your estate. Planning to donate a

large sum of money to a charity or organization can also change the distribution of your possessions and property. We make it a habit to tell our clients to pick a date sometime in the next year or two to look over their documents once they’re signed. Looking through them once a year, or at least once every five years, can ensure they stay exactly the way you want. It’s a good habit to keep, and it allows you to stay on top of

things if they change. You can’t always predict what’s going to happen in life, but preparing for change can go a long way, which is why it’s crucial to set dates ahead of time to chat with your estate planning attorney. By keeping up with these life changes, you ensure that the distribution of your property goes precisely the way you want it. Spring is a great time to do this. Don’t put it off for another year or even another month. The attorneys at Thomas-Walters Estate Planning have the experience and knowledge you need, so let us help you with your spring-cleaning so you can enjoy your life with peace of mind.

“We make it a habit to tell our clients to pick a date sometime in the next year or two to look over their documents once they’re signed. Looking through them once a year, or at least once every five years, can ensure they stay exactly the way you want.”

-Les lie Thomas

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