Should You Be Updating Your Estate Plan?

Kathy Christoffel of Argent Trust Company shares tips to keep your estate plan updated

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Spring is the season when we finally tackle long-overdue projects and get reorganized across our lives. For those who already have an estate plan, spring can also be a good opportunity to adopt an attitude of rejuvenation by making needed updates.

Simply having an estate plan isn’t always enough. As changes occur in your life, such as the birth of new beneficiaries or the purchase of valuable assets, it’s wise to periodically review your estate plan to make sure it still reflects your wishes for taking care of loved ones or causes close to your heart.

If you’re in this situation and don’t know where to start, here are some tips:

1.    Involve an estate planning professional

One issue to watch out for is when your estate planning documents are legally correct but contain ambiguous wording. When updating your estate plan, it’s wise to speak with an estate administration expert, who can identify potentially problematic areas (such as correct titling of property) and suggest alternative wording so that your intent is clear.

2.    Build a tax and wealth management team

While an estate planning and administration expert can ensure your overall plan is properly executed, certain areas might require specialized skills from other professionals. I recommend bringing a tax expert/CPA into the conversation to make certain your estate plan has no unaddressed tax issues — which could happen if you move to another state, for instance. Similarly, a financial professional can provide valuable input on prudently managing your wealth.

3.    Do regular reviews

There’s no one-size-fits-all timetable for reviewing your estate plan. However, if you’ve had a major life change or expect one, a check-up appointment with an estate planning professional is a good idea. Some examples are marriage, divorce, birth, adoption, an increase in wealth or federal tax law changes. Even legal issues or acceptance to a prestigious university might make a difference in your plan’s treatment of family members. 

How Argent can help

At Argent, our advisors have a deep background in estate planning and are glad to assist with discussing your plan. To learn more, contact me at [email protected] or 817-502-3586, or reach out to our other Argent Trust Company professionals at 817-986-0181.