Reviewing your will is something that many people in Atlanta know they should do but often put off. However, various life circumstances and legal changes can significantly impact your estate planning needs. Ensuring that your estate plan, including your will and other estate planning documents, reflects your current situation is essential for peace of mind and securing your beneficiaries’ future.
Why Is it Crucial to Review Your Will Regularly?
Your will is not a static legal document. As your life changes, so also might your wishes regarding how your assets are distributed after your death. It’s common for relationships, financial circumstances and family dynamics to change over time. Each significant shift in your life may warrant a review and possible update of your will.
Have Family Dynamics Changed?
One of the most common reasons to update your will occurs when your family dynamics change. Have you recently married, divorced, or welcomed a child or grandchild? These life events may change how you want your estate distributed. It’s important to review your will to ensure that new family members are included or that former spouses are removed, reflecting your current wishes.
If you’ve appointed guardians for your children and these guardians can no longer serve, you’ll need to revise your will. The same applies if your executor or trustee situations have changed.
Did You Move to a New State?
Laws governing wills and estates vary by state. If you recently moved to Georgia since you last updated your will, it’s likely time to review it. The legal requirements in Atlanta might differ from those in your previous residence, affecting estate administration. When you meet with The Wooten Firm in Atlanta, we will help ensure that your will and other estate planning documents comply with local laws.
Any Changes in Tax Laws?
Georgia state and federal tax laws are constantly changing and can impact your estate planning significantly. An increase or decrease in estate or inheritance tax, for instance, could affect the value of your estate that your beneficiaries will receive. Because Georgia’s estate tax is based on federal estate tax law, and the state has no inheritance tax, it’s essential to pay close attention to changes in federal estate taxes. Reviewing your will with an Atlanta estate planning attorney can help you understand the latest tax laws and revise your estate plan accordingly, ensuring that your heirs are protected from possible tax burdens.
Has the Value of Your Estate Changed Significantly?
A substantial increase or decrease in the value of your estate is another reason you should review your will. If you’ve acquired new assets, started a new business, or maybe some assets have depreciated significantly, your current will may no longer reflect your situation accurately. You may wish to redistribute your assets, set up a trust instead, or address the specific needs of a growing estate.
Is Your Beneficiary Information Current?
As time passes, you may need to update beneficiary information. Beneficiaries may have passed away, or your relationship with them may have changed. It’s equally important to review other estate planning documents, like life insurance policies and retirement accounts, to ensure that all beneficiary designations are up-to-date and consistent with your will.
When Was Your Power of Attorney Last Updated?
Your financial power of attorney is a vital part of your estate plan. If your chosen agent is no longer willing or able to serve or your relationship has changed, you may want to revise this document. It is essential to have a trustworthy individual to make financial decisions on your behalf if you cannot do so.
Do You have Peace of Mind?
One of the main reasons to review your will is for your own peace of mind. Knowing that your affairs are in order and your loved ones will be taken care of according to your wishes is priceless. Regularly reviewing your estate plan every few years or after major life changes ensures that everything is up-to-date and reflects your desires. Schedule a call with The Wooten Firm in Atlanta to learn more and gain confidence in knowing you, your loved ones, and your property will be protected no matter what.
Key Points to Remember:
- Life changes, such as marriage, divorce, birth of a child, or moving to a new state, necessitate a will review.
- Legal and tax law alterations can impact your estate planning.
- Changes in the value of your estate due to reasons like asset appreciation, starting a business, or inheritance may require adjustments in your will.
- Regular reviews of your beneficiary designations, power of attorney and overall estate plan ensure that your current wishes are accurately reflected.
- Peace of mind is achieved by knowing your affairs are in order and ensuring that your assets are distributed according to your wishes after your death.