After completing an estate plan, many Arizonans feel a tremendous sense of relief. They certainly should, as taking this huge step is the best way to not only ensure that loved one’s are adequately cared for in the event of one’s death, but also that one’s estate is properly protected for in the long-term. After all, for many, their estate is their legacy.
Yet, regardless of how thorough you are when creating your initial plan, there are a number of life changes that can render your once ironclad estate plan deficient. We discussed one example relatively recently on the blog, that being a second marriage. In order to adequately protect children from a previous marriage, wills and trusts may need to be modified or rewritten. Otherwise, a new spouse may inherit everything and then choose to “disinherit” those children from a previous marriage. Other life changes that may warrant modification of an estate plan are divorces, births of new children or grandchildren, deaths, and changed relational dynamics.
Simply modifying an estate plan to reflect these changes sounds easy enough, but the truth is that it can be just as complicated as creating an initial plan. Those who choose to undertake this process on their own often end up making mistakes that have serious ramifications. This is why skilled legal teams like ours stand ready to help.
At the Moore Law Firm, we know how to guide individuals through the estate planning process so that no stone is left unturned. We’ve helped many people protect and control not only their assets and the distribution of those assets upon death, but also their physical and financial health during life. We also know how to identify events that require modification of an estate plan, which is why we often work with our clients to review the plans from time-to-time. We’ve found that our clients take comfort in our approach to the process, which is one reason why we’ve had more than 25 years of success in the area.