How to Update an Outdated Estate Plan

There are times in your life when you know that you need to review and update your estate plan. For example, if you get married or go through a divorce, it’s necessary to review your estate plan at the appropriate time.

But that leads to an important question: what’s the best way to update an outdated estate plan?

While there’s no one size fits all answer to this question, there are several basic steps you can take. Here’s what you should do:

  • List out your areas of concern: As you review your estate plan, make note of the details that require a closer look and potential update. For example, if you recently divorced your spouse, you probably want to remove them as your beneficiary.
  • Consider alternatives: It’s one thing to pinpoint areas of concern, but another thing entirely to make changes for the better. Sticking with the example above, if you need to remove a current beneficiary, make sure you replace the person with someone else.
  • Consult with your estate planning attorney: Updating an outdated estate plan is not a DIY job. It’s best to consult with a qualified and experienced attorney who can answer your questions, provide guidance, and ensure that everything is done without error. This is not a time to take a risk, as it could come back to harm you and/or your loved ones in the future.

Don’t hide from the need to update your estate plan. Instead, if you find that this is necessary, take the steps above to get on the right track. Once you have an updated plan, you’ll realize that it was well worth the time and effort.

If you require professional assistance updating your estate plan, don’t hesitate to contact Kinghorn Law at info@kinghornlaw.com or  520.529.4000. Our experienced team is here for you every step of the way.

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