Updating Your Estate Plan in Minneapolis
Protecting Your Legacy in Minneapolis, St. Paul, and Throughout Minnesota
Building an estate plan allows you to protect your interests, loved ones,
and assets, and legacy. However, establishing estate planning documents
is only step one of an ongoing process.
The reality is that as you get older, your life changes. People enter and exit your life, you may get married, you may separate,
you may have children, and you may gain or lose significant assets. Your
estate plan should reflect all of these major life events.
Our experienced estate planning attorneys at Guttman Law can help you navigate
the process of updating your estate plan in Minneapolis as you experience
changes in your goals, needs, or life circumstances. We are prepared to serve as your advisors for all of your estate planning
needs. Our team is available to answer questions about what types of life
events warrant a prompt review of your estate planning documents, and
we can work to make timely modifications as your life evolves.
If you have an existing estate plan and are concerned about making updates,
do not hesitate to call
(612) 324-4055 or
contact us online to schedule a free initial consultation.
Why Do I Need to Update My Estate Plan in Minnesota?
In creating an estate plan, you are working to protect your interests and
wishes when you are no longer here or are unable to communicate.
When you implement estate planning documents, they reflect your wishes
at that time. As your life changes, so do your wishes and interests.
Your estate plan should include all of your assets and beneficiaries that
you wish to provide for. If you do not review and update your estate plan
periodically, you risk excluding newer assets and potentially subjecting
them to probate. You also risk inadvertently excluding loved ones, such
as newer children, that you intended to support.
When Should I Update My Estate Plan in Minnesota?
Generally speaking, it is wise to assess your estate plan on a frequent
and regular basis.
At a minimum, you should review your estate plan every 3 to 5 years. However, there are numerous circumstances that will warrant a review
and possible updates to your existing estate plan documents.
You should promptly make plans to update your estate plan in Minneapolis
when any of the following life events occur:
The birth or adoption of a child or grandchild. You will likely want to name children and grandchildren as a beneficiary
to some of your assets. You will also need to name a guardian for any
minor children of your own in your will.
Your child becomes a legal adult. When your child turns 18, you may wish to reconsider what types of assets
you wish to leave to them. The legal mechanisms for leaving assets to
minors versus legal adults can vary greatly.
You marry, remarry, or divorce. When you marry, you will likely wish to list your spouse as a beneficiary
and incorporate marital property into your estate planning documents.
Divorce can have a tremendous impact on your assets and consequently estate
plan. For example, Minnesota law automatically revokes any provision in
a will that mentions your spouse.
You reconsider your overall financial goals or experience a significant
change in financial circumstances. As your financial situation evolves, so do your goals for managing and
preserving it. “Significant” changes in financial circumstances
might include buying or selling a home, gaining or losing a substantial
stream of income, receiving a large inheritance, or starting or closing
a business. Adjustments to your estate plan can help you account for new
assets and objectives.
You or your spouse become disabled or seriously ill. A serious injury or illness can be devastating, and you should take immediate
steps to create contingencies should one or both of you become unable
to communicate. This can include creating or modifying
advanced healthcare directives and appointing
powers of attorney.
One or more beneficiaries passes away or leaves your life. If you no longer wish to leave property to one or more beneficiaries,
you should ensure that they are removed from your will or trust. If a
beneficiary passes, you should consider leaving the asset or assets intended
for them to someone else.
Your named guardian, power of attorney, healthcare representative, successor
trustee, or personal representative passes away or experiences a change
in circumstances. You select someone that you know and deeply trust when bestowing them
estate planning-related responsibilities. Should one or more of these
agents leave your life or pass away, you should immediately update your
estate planning documents and name replacements.
New federal or state laws alter rules for taxes, investments, and/or estate
planning documents. Part of effective estate planning involves minimizing the impact of estate
taxes and other rules governing financial transactions. Our firm monitors
evolving legislation that can impact estate planning and can advise when
changes to your plan may be necessary.