Ensure Your Estate Plan Aligns With Your Current Wishes
Having an estate plan in place gives your loved ones a clear outline of your wishes, but the plan is only as accurate as you make it. Although having an estate plan is preferable to having nothing at all, an outdated plan may not align with your current wishes. Review your estate plan and make changes with help from the estate planning attorneys at Cook & Watkins, PLC.
Updating Your Plan
Contrary to popular opinion, comprehensive estate planning is not a one-time event. Often, people create estate planning documents, place them in a safe deposit box and then forget all about them. But after creating an estate plan, you may experience a significant life event or change your mind regarding the distribution of your assets. If you fail to update your estate plan, your assets could wind up in the hands of someone you no longer intended as a beneficiary.
Reviewing and updating your estate plan allows you to:
- Protect your biological children’s inheritance after remarriage
- Change beneficiary designations
- Set inheritance conditions for your beneficiaries, using either a will or a trust
- Change guardianship designations
- Align your estate documents with your business succession plan
- Minimize tax consequences following an increase in assets or new tax legislation
- Provide superior protections for complex assets
Tax and estate laws change periodically. Reviewing your estate plan at regular intervals ensures compliance with both Kentucky and federal laws.
Let Us Help You Update Your Plan
Whether you experienced a life change or it has been three or more years since you reviewed your estate plan, our lawyers can help you review and update your plan. Schedule an appointment at our Georgetown office by calling 502-570-0022 or by calling our Louisville office at 502-581-1099. You can also reach our firm via email.