We’ll be waving goodbye to another year in just a few months. As you prepare to see your loved ones and celebrate the holidays that await, it’s also essential to take the time to update your estate plan. After all, you may have experienced a wide range of changes in your life that may require an overhaul of your current plan. Whether the last year has brought marriages, births, or any other significant milestones, know that the estate planning McAllen lawyers at Fryer and Hansen are here to help ensure your estate plan is up to date and fully aligned with your current circumstances and wishes.
Marriage or Divorce
A change in marital status is one of the most common reasons a person may need to update their estate plan. If you’ve recently celebrated your union, then there is a big chance your spouse may be the primary beneficiary of your estate. If so, your estate plan can be updated to reflect this change. Alternatively, suppose you’ve gone through a divorce. In that case, you may need to remove your former spouse as a listed beneficiary, which will undoubtedly need to be updated in your estate plan.
The Birth or Adoption of a Child
Few things are as joyful as welcoming a new child into your family. As you enjoy this excellent addition to your home, it’s important to remember it also brings a new level of responsibility. Estate planning for new parents should include naming a guardian if something happens to you and your spouse. Additionally, you may want to establish a trust for your child to ensure that assets are managed responsibly until they reach adulthood.
Death of a Loved One
If someone you previously listed in your estate plan is no longer with us, your estate plan should be amended to reflect this. Whether you need to update your executor designation, choose a different guardian for your children, or allocate your assets to a different person, updating your estate plan allows you to do so.
Change in Assets
If you’ve experienced a change in assets during the last year, you will likely need to make changes to your estate plan that reflect them. Whether you’ve received a significant inheritance, purchased a new home, or experienced a downturn in your financial situation, these changes can affect how your estate plan should be structured. For example, you may need to adjust your life insurance coverage, update trust provisions, or revise your will to reflect your current assets.
Our Estate Planning McAllen Lawyers are Ready to Help
The start of a new year is the perfect time to ensure your estate plan aligns with your current life circumstances. Whether you’ve experienced a significant event or not, reviewing your plan annually is a smart habit to adopt. Keeping your estate plan up to date gives you peace of mind and ensures that your loved ones are cared for according to your wishes. At Fryer & Hansen, PLLC, our McAllen lawyers specialize in helping clients update their estate plans to reflect life’s changes. Contact us today to schedule a consultation or to learn more about what we can do for you.