Planning your estate is a big task that can give you peace of mind, as well as a sense of accomplishment for a job well done. However, just because you've made some decisions and signed some documents doesn't mean that your work is over forever. Having an estate plan is only half the battle. The next challenge is keeping it current. Fortunately, you've come to the right firm for help.
Our Estate Planning Team Is Here for You
Estate planning can be complicated. At Cucinelli Geiger, PC, our estate planning lawyers help clients throughout the Old Dominion implement the legal documents necessary to protect their families and their legacies. Whether you're just starting the estate planning process or need an existing estate plan reviewed and updated, our conscientious and caring counselors are here to guide you each and every step of the way.
When You Should Update a Virginia Estate Plan
When was the last time you took a serious look at your will and guardianship designations? If you can't remember, it may be time to schedule an appointment with a skilled estate planning attorney. While the best time to review an estate plan can vary, generally speaking, it's a good idea to revisit the documents with your lawyer on a regular basis—at least every three to five years. Revisions to your estate plan will be needed after every major life change. Here are a few examples of instances that can provide great opportunities for you to stop and rethink whether your existing estate plan still meets your family's needs.
Change in Residence
Estate planning laws can vary (sometimes significantly) from state to state. Have you moved to another state since creating your estate plan? If so, it may be time for another look. Work with our dedicated estate planning lawyers to review your estate plan and ensure that it takes full advantage of any applicable Virginia statutes.
Change in Family Situation
As your family changes, so, too, should your estate plan. Whether someone in the family has been through a divorce, you have new members through marriage, birth, or adoption, or you've become estranged from a loved one, we can help you update your estate plan to reflect your changing family and relationships.
Change in Income or Assets
A change in income or assets can have a substantial impact on your financial priorities. Our attorneys can help you evaluate your estate plan and financial circumstances to ensure that they align. Revisiting your plan after finances change is vital—regardless of whether the change is positive or negative.
Change in Estate Planning Goals
Like so much else in life, estate planning goals can change over time. When that happens, your plan estate plan should change, too. Examples of times when changing goals may justify changing your estate plan include:
- You've decided that, after your death, you want your estate to support a charitable cause or organization that's important to you
- You want to include a new beneficiary
- You want to change support for a beneficiary or disinherit them entirely
Poor Health
Finding out that you or a loved one is in poor health may necessitate a number of changes to your estate plan. Our adept legal team can analyze your existing plan, update beneficiaries as needed, and work with you to craft an estate planning letter of instruction so that your estate executor or administrator knows what's expected of them.
We Stay on Top of Your Estate Plan
State and federal tax laws change every year, and those changes could affect your estate plan. Our attorneys can review your plan and advise you on smart strategies for reducing your estate's tax burden.
Is it time to review and update your estate plan? Whether you wrote your plan with us or not, contact us today to schedule an appointment for an initial consultation to discuss your goals with a member of our legal team.