By Julia Dean, J.D.
Does your estate plan need to be refreshed? Just as you may be doing some spring cleaning of your physical home, think about “spring cleaning” your estate plan too. Perhaps you have an old Will that doesn’t work as well for your family now that time has passed. Perhaps the people you have named to take care of your children or to make your financial and medical decisions are no longer the best people to handle this anymore. If so, it’s time for a reset—a “spring cleaning” of your estate plan.
It may be time for a “spring clean” if you’re in one or more of these situations:
- Your financial situation has changed. If so, you may be facing a potential tax issue that you didn’t have when you previously planned. There are many ways to minimize or eliminate estate/death taxes.
- The person you wanted to care for your children is no longer the best person for your children. Refresh who your children’s guardian would be if you couldn’t take care of your children with someone who reflects your values and fosters your children’s best interests.
- Your children are grown. Now you need to think about your legacy and how you want to provide not only your children, but also for future generations. It’s also time to think about the influences of spouses, divorce protection and asset protection for your adult children.
- The people you have named to handle your estate are having health issues or are no longer in a position to handle the additional load of caring for your estate.
- You have assets that are not protected from creditors, such as investment and savings accounts. There are ways to protect your otherwise unprotected assets as long as you don’t have any pending lawsuits or judgments against you.
Having an experienced estate planning attorney review your existing estate plan and offer suggestions for improvement based upon the current laws is a “spring clean” that could pay continuing dividends for you and your family through tax-planning and asset protection strategies.
Think back to when you last spring cleaned your home. If you’re like me, you experienced a sense of joy and calm from the renewed order. When you “spring clean” your estate plan, there is a renewed sense of peace when you know your estate plan fits your current situation and your legacy is protected.
Julia Dean is the Managing Attorney at The Dean Law Firm, PLLC, a boutique law firm in Sugar Land, focusing in the areas of Estate Planning, Probate, Guardianships and Elder Law. Julia Dean has been named a Lawyer of Distinction and has received numerous awards recognizing her as a Top Attorney in Estate Planning, internationally, nationally and locally. The Dean Law Firm, PLLC has been voted Reader’s Choice for Attorneys in Fort Bend with Living Magazine many years and also received multiple awards for outstanding client service. The Dean Law Firm is committed to bringing you peace of mind by providing thoughtful and strategic planning for your family.