One’s estate planning needs may change over time

| May 9, 2019 | Estate Planning

Life is full of changes. What was important to the Colorado resident in his or her 20s is probably very different from what is important as that individual ages. Families and finances change over time.  As a result, it is often necessary to make changes to your estate plan. 

A will is often the most important part of a person’s estate plan and should be updated as family circumstances change. If an original beneficiary has died, the will may need to be updated to take this into account. This can be especially important if the deceased beneficiary was a spouse and the individual has since remarried.

Other circumstances may also necessitate updating an estate plan. For example, a change in financial assets, the birth or adoption of a child, the development of special needs, or the need to make accommodations for the extended care of a child or elderly parent may suggest that it is time to make adjustments.  A will or trust is one of the best ways to make sure that these specific needs are taken care of.

Changes in tax laws can also affect one’s estate plan. What was once considered to be advisable may no longer be effective. The structure of the estate plan can play a significant role in the amount and type of taxes that may have to be paid.

Changes are a fact of life. How the Colorado resident accounts for these changes can make a significant difference on the lives of loved ones left behind. Experienced legal counsel can assist in reviewing and updating one’s estate planning needs.