Coodin & Overson, PLLP
A Tradition of Service, Focused On Achieving Positive Results

Why an estate plan might need an update

Minnesota residents who have not looked over their estate plan for a few years should do so. Estate plans should be reviewed about every three years, but there are also certain situations that should require a review even if less time has passed.

For example, an estate plan needs to be reviewed after a person moves to a new state because of the potential for changes in state law that could affect it. Furthermore, people should also make sure they have taken sufficient steps to establish residency in the new state. Families may go through changes such as deaths, births, divorces and marriages, and these could also mean the estate plan needs a revision. People's assets or liabilities may change over the years as well. They may acquire or sell an asset, and the estate plan may need to reflect that change.

Many people who update other elements of an estate plan still fail to revise beneficiary designations. These are used with 401(k)s, IRAs, life insurance policies and a number of other types of assets, but it can be easy to forget about them. An estate plan may also need an update if people decide they need to choose different people as executor, trustee or for other roles.

People may want to consider other issues as well whether they are creating a plan for the first time or looking over an old one. For example, moving assets into a trust can mean they do not have to pass through probate and may be distributed more quickly to beneficiaries. Trusts may also allow funds to be managed for irresponsible beneficiaries, and they can be used to support loved ones who have special needs without affecting their access to benefits.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Schedule A Consultation With An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Phone

Address

8681 Eagle Point Blvd.
Lake Elmo, MN 55042

Phone: 651-319-5180
Lake Elmo Office Location