Residents in Washington State who have established estate plans in place might feel that they have done their work in this area and no longer need to be concerned about this part of their lives. While certainly, it is better to have a plan than to not have one at all, every estate plan is in need of review on occasion. The start of a new calendar year can be a great time to do just this.
Many life events may warrant some changes in a person’s estate plans. As explained by Forbes, one of these is the relocation to a new state. A person who has an estate plan that was made when they lived in Texas or Florida, for example, should be updated after they move to Washington State as each state has its own laws that may lead to different estate planning decisions.
Fidelity Investments adds that after the death, marriage or divorce of a beneficiary, a will or trust should be updated as should it after a beneficiary gives birth to or adopts a new child. In addition, any changes in a trustee’s or executor’s ability to perform their duties may warrant new plans. A trustee or executor may die, become ill or experience some other situation that makes them no longer able to function as needed.
In addition to life changes and experiences, tax code changes also warrant a review of a will or a trust. In 2019, the Tax Cuts and Jobs Act will take effect making now an ideal time to update an estate plan.