Seasoned Guidance For Updating Your Estate Plan
Updating your estate plan is essential to ensure the protection and distribution of your assets according to your wishes. At the Law Office of Kevin A. O’Brien in New Castle County, we understand the importance of estate planning in Delaware and offer comprehensive services to help you achieve your goals. As estate plan attorneys, we know that estate planning is not just about safeguarding assets but also about protecting relationships.
Our father-son team, with over 40 years of combined experience, emphasizes solutions that promote family harmony. If you need to update your existing estate plan or create a new one, our estate plan lawyers will strive to ensure that your estate plan reflects your unique needs and goals.
The Estate Planning Process
The estate planning process involves several steps, including assessing your assets, determining your goals, creating a plan that meets your needs and updating the plan. We offer guidance for creating and updating various estate planning documents, including:
- Wills outline how you want your assets to be distributed after your passing and name an executor to carry out your wishes.
- Revocable living trusts allow you to maintain control over your assets while providing asset protection and avoiding probate.
- Special needs trusts can provide for a disabled loved one’s care and well-being, while still allowing them to qualify for government benefits.
- Generation-skipping trusts can provide asset protection without restricting the inheritor’s control, shielding assets from divorce settlements and lawsuits.
- Powers of attorney give trusted people the authority to make decisions on your behalf if you become incapacitated.
It is essential to view estate plans as complete systems rather than individual documents. Thus, our approach to estate planning favors collaboration and transparency to prevent suspicion and maintain family unity. Our goal is to prepare you for the future while ensuring your loved ones are cared for in your absence.
How Often Should You Update Your Estate Plan?
It is critical to update your estate plan when family situations change, particularly with marriages, divorces or concerns about in-laws. Consulting with an estate plan attorney can help you review your estate plan regularly to ensure it still reflects your wishes and goals. We recommend updating your estate plan every few years or when significant changes occur in your life.
The Dangers Of An Outdated Estate Plan
An outdated estate plan can create serious problems for your loved ones and may lead to outcomes that you never intended to happen. For example, if beneficiaries are no longer up to date, assets could pass to a deceased relative or someone you no longer wish to include. Major life and financial changes can also make an old estate plan ineffective. If you have:
- Acquired new property
- Sold off assets
- Got married or divorced
- Adopted a child or a stepchild
- Started a business
Your plan may no longer distribute everything correctly. Additionally, changes in state or federal law can also affect taxes, probate and trust provisions, potentially reducing the effectiveness of your plan. When your documents no longer reflect your actual circumstances, your family members and other beneficiaries may have to engage in probate conflicts or court proceedings to settle the disputes.
A regular review of your estate plan with a Delaware estate planning attorney at our firm can help protect your wealth and reduce stress for your family in the future. By keeping your documents current, you can ensure that your beneficiaries, executors, trustees and asset distribution instructions still reflect your wishes.
Take Action Today On Updating Your Estate Plan
If you need to update your estate plan, it is vital to hire an experienced estate plan lawyer. At the Law Office of Kevin A. O’Brien, we offer no-obligation consultations. We offer direct attorney access and reasonable fees. Reach out to us today at 302-888-2707 or through our online contact form to book a consultation. We serve individuals and families throughout Delaware and Pennsylvania.