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7 Reasons to Review and Update Your Estate Plan Now

Posted by Joel Beck | Jan 12, 2025 | 0 Comments

When it comes to estate planning, many of us treat it like a "set it and forget it" process. But life doesn't work that way, and neither should your estate plan. 

At Peach State Wills & Trusts, we've spent years helping Georgia families build estate plans that not only address their current needs but also adapt as circumstances change. Let's take a closer look at why it's so important to review and update your estate plan regularly.

Below, we'll cover 7 reasons why now is the time to revisit your estate plan. From life changes to financial shifts and updates in the law, this guide is tailored for Georgia residents looking to protect what matters most.

1. Life Changes

Life doesn't stand still, and your estate plan shouldn't either. Significant personal milestones can have a big impact on your wishes and how they're carried out.

Marriage or Divorce

Getting married or divorced means you'll need to update key parts of your estate plan. Under Georgia law, divorce can automatically revoke certain provisions in your will, which might leave gaps if you don't address them. Marriage, on the other hand, often brings new financial goals and responsibilities that should be reflected in your plan.

Birth or Adoption

Welcoming a new child or adopting can be a joyous occasion, but it's also a good time to revisit your estate plan. Designating guardians, setting up trusts for minors, and updating beneficiary designations are essential steps to ensure your children are cared for if the unexpected happens.

Death of a Beneficiary or Fiduciary

If someone named in your estate plan passes away, whether it's a beneficiary or a trustee, it's crucial to update those roles. Adding contingent beneficiaries or successor trustees ensures your plan remains effective without needing a complete overhaul.

Relocation

Moving to or from Georgia might bring changes to how your estate plan is handled. Georgia laws, particularly those related to domicile and state tax considerations, may differ from your previous state. Reviewing your documents can help you avoid complications down the road.

2. Financial Changes

Your financial situation plays a central role in your estate plan. As your assets grow or shift, your plan needs to keep up.

Asset Fluctuations

A significant increase or decrease in your net worth can change how you want your assets distributed. Additionally, changes in federal estate tax thresholds could mean adjustments to minimize tax liabilities, even though Georgia doesn't impose its own estate tax.

Business Ownership Changes

If you own a business, updating your estate plan is vital, especially if you've sold, acquired, or reorganized a business. Succession planning ensures your business transitions smoothly, whether it's passed on to family members or sold as part of your estate.

3. Legal and Tax Considerations

Estate planning laws are not set in stone. Keeping your plan updated with the latest regulations is crucial.

Changes in Georgia or Federal Laws

Legislation changes frequently, and estate planning is no exception. Recent updates in Georgia estate laws or federal tax regulations might impact your plan. Staying ahead of these changes can save you money and avoid unnecessary complications.

Digital Assets

In today's digital age, managing your online presence is as important as managing physical assets. Georgia law now provides clear guidance on handling digital assets like social media accounts, cryptocurrencies, and online financial accounts. Adding provisions for these ensures they're managed according to your wishes.

4. Outdated Documents

Sometimes, the biggest risk is simply having a plan that no longer aligns with your life.

Wills or Trusts Created Years Ago

If your estate plan hasn't been updated in years, it's worth reviewing to ensure it still reflects your current wishes and complies with Georgia laws. Older wills and trusts might not account for recent changes in your family, finances, or legal environment.

Beneficiary Designations That Are No Longer Valid

It's easy to forget about updating beneficiaries on accounts like life insurance or retirement plans. Over time, these designations can become outdated, leading to unintended outcomes. A quick review can ensure they align with your broader estate plan.

5. Health and Long-Term Care

Your health and future care needs should also factor into your estate planning.

Medical Concerns

Advance Directives for Healthcare and durable powers of attorney are key parts of a comprehensive estate plan. These documents ensure that your healthcare wishes are honored and that someone you trust can make medical decisions on your behalf if needed.

Long-Term Care Planning

Estate planning can also help you prepare for potential long-term care costs. Whether through Medicaid planning or other strategies, you can protect your assets while ensuring your care needs are met.

6. Peace of Mind

Reviewing and updating your estate plan isn't just about addressing specific issues—it's about gaining confidence in your choices.

  • Knowing your loved ones are protected.

  • Avoiding unnecessary family disputes in Georgia's probate courts.

  • Ensuring your wishes are honored, reflecting your values and priorities.

An updated estate plan can bring you and your family a sense of security that lasts for years.

7. Regular Maintenance

Even if nothing major has changed, it's a good idea to review your estate plan every 3-5 years. Think of it as a regular check-up for your financial future.

  • Set reminders or schedule a recurring meeting with your estate planning attorney.

  • Keep your documents in sync with your current goals and circumstances.

A little effort now can save your loved ones from significant challenges later.

Need to Review Your Estate Plan? Contact Peach State Wills & Trusts Today!

At Peach State Wills & Trusts, we help Georgia families create and maintain estate plans that work for them. Whether you need to update an existing plan or start fresh, our team is here to guide you every step of the way.

Call us at 678-344-5342 or fill out our online contact form to schedule a consultation. Let's make sure your estate plan is ready for whatever the future holds.

About the Author

Joel Beck

Joel Beck founded The Beck Law Firm, LLC in 2007. His firm focused on business law and estate planning needs of clients, two areas that he was drawn to based upon personal and business experiences in his life, including a ten-year career at NASD (now known as FINRA).

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At Peach State Wills and Trusts, a division of The Beck Law Firm, LLC, we're committed to answering your questions about wills, trusts, powers of attorney, healthcare directives, uncontested probate, and business planning issues in Georgia.

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