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When is the Best Time to Review My North Carolina Estate Planning Documents?

Posted on January 29th, 2022

When To Update My Will in Mooresville, North Carolina

Our Daly Mills Estate Planning attorneys in Mooresville provide guidance, prevention, and protection for North Carolina residents, no matter the size of their estates.

Estate planning allows our Lake Norman area clients to make confident decisions about asset protection, wills and trusts, and special needs planning.

That includes understanding when it is time to review these important documents, so their wishes are up to date with their current circumstances and lifestyles.

When Should I Review My Estate Planning Documents?

If nothing significant or sudden has happened in your life since you outlined your wishes for the future, a good benchmark for evaluating those documents is typically every three to five years.

However, sizeable lifestyle or financial changes should mark an occasion to meet with an Iredell County estate planning lawyer, so your documents are up to date and a clear reflection of your wishes.

Common changes that should mark a review of your estate planning documents may include, but are not limited to:

  • Marriage or divorce
  • Changes in tax legislation
  • Death of an executor or beneficiary
  • Following a move to a different state or country
  • Following a diagnosis of a chronic or terminal illness
  • Retirement
  • Starting, buying, or selling a business
  • When children, grandchildren, or other heirs reach adulthood
  • When the value of your estate significantly increases or decreases

Reviewing your estate plans may include updating or optimizing:

  • Assets or debts
  • Executors
  • Beneficiaries
  • Guardianships
  • The order of trustees
  • Tax planning to minimize estate taxes
  • Steps to avoid probate

To fully understand where your important documents stand, sit down with a skilled Mooresville &  Iredell County estate planning attorney to walk through the goals and objectives that reflect your current situation.

We can help you analyze whether your current documents achieve those goals, or if you need to make critical changes to update your existing plans.

Contact Our Skilled Lake Norman Area Estate Planning Attorneys Today

To learn more about how we can help you and your family create a customized estate plan to protect your wishes, call us at 704-286-8437 to schedule an initial consultation with our skilled Estate Planning attorneys in Mooresville, Charlotte, NC at Daly Mills Estate Planning today.