The Pros and Cons of Modifying an Estate Plan. You may have created your estate plan recently or many years ago. But today, it may not reflect your current family or financial situation. There may be something about the estate planning tools you used or the terms of your will that concerns you—especially if you should become incapacitated or die.
Are Those Concerns Worth Modifying Your Estate Plan?
Even if you believe most of your estate plan is accurate, and you are confident you’ve named the right beneficiaries and will avoid the worst of the estate taxes, there may be small changes you want to make. Here are some things to consider as you decide whether or not to update your plan:
The Benefits
- Peace of Mind. Knowing that your estate plan is current, and that you’ve made all the changes necessary to protect your loved ones and all estate beneficiaries, will provide peace of mind. You will have no regrets about leaving your estate incomplete or failing to provide for family, friends, favorite charities, or other beneficiaries.
- Protecting Your Loved Ones. Significant life events can be motivation to change your trust, will, or estate plan. For example, if you get a divorce, it’s likely you’ll want to change your beneficiary from your former spouse to your new spouse. If you have a baby or adopt one, you’ll probably want to add this child as a beneficiary.
The Costs
- It may take a little of your time. It takes time to modify a trust, will, or other estate plan. Not only do you need to consider the changes you want to make, you need to include them in the necessary documents. However, if you hire an attorney to make the changes for you, it should take less time.
- It may take a little of your money. There may be a cost associated with modifying your estate plans, but it may be worth it to know that your loved ones are protected and your wishes are carried out after your death.
The Pros and Cons of Modifying an Estate Plan. Every circumstance is unique. It is important to make sure you have all of the relevant information before considering an estate plan modification. We encourage you to browse our related links, and think carefully about your choices.