St. Louis has always been a place where family means everything. Generations have lived and grown here, passing down not just homes and businesses but also values and traditions.
When families expand, whether through marriage or the birth of a child, it’s a time of celebration, but it’s also a time for thoughtful preparation.Â
Estate planning ensures that children, spouses, and even grandchildren are provided for in a way that aligns with a person’s true wishes. This is a city where people don’t just think about the present; they plan for the future.
For those who have already taken the step of creating an estate plan, that’s a great start. But the work doesn’t end there.
Experts recommend calling in estate planning attorneys in St. Louis to help in reviewing an estate plan every three to five years to account for major life changes, legal adjustments, and financial shifts.Â
Below, we’ll explore five of the most common reasons why individuals in St. Louis and beyond choose to update their estate plans.
A New Child or Grandchild
Parents and grandparents often revise their estate plans to make sure their newest family members are financially secure.
This might mean setting up a trust for education expenses, naming legal guardians in case something happens, or adjusting asset distributions so everything is divided fairly.
If you don’t update your estate plan after having a child, state laws might decide how your assets are handled, and that could lead to unintended consequences.
For example, if something were to happen to both parents and no guardian is named, a court could decide who raises the child.Â
Marriage or Divorce
Getting married is a huge milestone that affects both your daily life and your long-term financial plans. Many newlyweds update their estate plans to include their spouse as a beneficiary and to establish joint ownership of assets.
This is especially important in Missouri, where interstate succession and property laws play a big role in determining how assets are distributed if one spouse passes away.
On the flip side, divorce is another major reason to update an estate plan. Many people forget to remove a former spouse from their will or beneficiary designations, which can lead to messy inheritance disputes.
Updating a will, power of attorney, and any other legal documents ensures that your assets go to the right people and avoids unnecessary legal and emotional drama.
Financial Changes or Retirement
As life goes on, finances change. Maybe you’ve built up wealth through investments, bought new property, or sold a business.
If your estate plan doesn’t reflect those financial changes, your assets might not be distributed how you intended.
Retirement is another turning point that makes estate planning even more important. Many retirees update their plans to reduce tax burdens, make sure their savings last, and prepare for potential healthcare expenses.
A well-thought-out estate plan can protect retirement funds and ensure that heirs receive their inheritance with minimal tax headaches.
Changes in the Law
Estate planning laws change over time. Tax laws, probate rules, and inheritance regulations all affect how your assets will be handled.
The 2017 Tax Cuts and Jobs Act, for example, changed estate tax exemptions, and future laws could shake things up again.
By reviewing your estate plan regularly, you can take advantage of any beneficial legal changes and avoid surprises.
A quick check-in with an estate planning attorney can ensure that your plan stays legally sound and financially beneficial for your heirs.
The Passage of Time
Life doesn’t stand still. Kids grow up, relationships shift, and financial priorities evolve. A plan you made five or ten years ago might not fit your current situation anymore.
Maybe your original executor is no longer the best choice, or maybe you want to start including charitable donations in your estate plan.
Checking in on your estate plan every few years ensures that it still aligns with your current wishes. If you don’t update it, you risk leaving behind outdated instructions that don’t reflect your true intentions.
