Getting a Virginia estate plan updated is a process a person will need an attorney for. It is wise to have a person’s estate plan reviewed every couple of years. Additionally, a person should have their plan reviewed in the event of a major life event such as a marriage, divorce, and birth of a child or grandchild. A person should always have their plan reviewed after a change in the law. For example, the current administration has proposed a change in the current federal estate tax law. In the event a new law is passed, a person’s plan should be reviewed by an attorney to determine if it should be simplified to make the administration of their estate more efficient at their death. With the help of an accomplished attorney, you can ensure a smooth process.
How Often Estate Plans Should Be Updated
An estate plan should only be updated when necessary. For example, major life events like marriage, divorce, death, and the birth of children can add or remove people the person wants to name as beneficiaries, executor, or guardian of minor children. An estate plan should also be updated in the event of a change in the law.
Change in Jurisdictions
When a person moves out of Virginia to a neighboring jurisdiction like Maryland or DC, it is important that they have their estate plan reviewed. Virginia does not have a separate estate tax, however, Maryland and DC do. Therefore, different estate tax planning may have to be done based on the value of a person’s estate when they no longer live in Virginia.
What Part of Estate Requires Most Upkeep
In a person’s estate plan, it is important to ensure that the people named to serve as the initial and alternate executors are current. The executor of a person’s estate represents the estate and manages the estate assets, so it is important that the named person is responsible and mentally capable of doing so. The beneficiaries of a person’s estate are also important. It is wise to review the estate plan in Virginia to ensure that individuals the person wants to benefit from their estate are correctly and accurately named.
Complication of Updating Estate Plan in Virginia
The complexity of updating an estate plan depends on what needs to be changed. Changing beneficiaries or the named executor is relatively straightforward. Updating an estate plan in Virginia becomes more complicated when the type of plan changes. For example, if a person has a last will and testament in place and then decides they want to change their plan to a pour-over will with a revocable living trust, that is a much more complicated change because it will require drafting brand new documents and then re-titling assets in the name of the trust.
Role of Virginia Planning Attorney
An estate planning attorney is in the position to review a person’s estate plan and give them options regarding the types of estate planning and tax planning that make the most sense considering the person’s assets. Contact a qualified attorney to help with getting your Virginia estate plan updated.