Your estate plan should reflect your life as it is today, not how it looked five, ten, or even twenty years ago. Significant life changes happen to us all, and when they do, it’s essential to make sure your estate plan and other legal documents reflect those changes.
Marriage, divorce, a new baby, the death of a loved one, even starting or selling a business are all life events that can impact who you want to make important decisions about your estate. These can include deciding how your assets are passed down, what happens to your business or property, and more. If your plan hasn’t been updated after significant life changes like these, it might not accurately reflect your goals anymore.
At Muncie, Mattson, & Gunter (MM&G), we work with clients across Auburn and Opelika, Alabama, to review and update their estate plans after significant life events. As a full-service corporate law firm with years of experience in estate planning, business law, and titles & deeds, we are here to make sure your plan still works for your current season of life, as well as the ones that follow.
Why Updating Your Estate Plan Matters
Think of your estate plan as a snapshot of your life. It serves as a clear picture of your wishes at a moment in time. But when your life changes— say you get remarried, your children grow up, or you sell a business— that picture becomes outdated.
We often work with clients who haven’t touched their estate plan since their first child was born or since they first opened an LLC. Others have never revisited their living wills, even after significant changes in health or relationships. Throughout our lives, people come and go, assets change, and priorities shift. What worked for you years ago might not apply anymore, or worse, it might create confusion when clarity is needed most.
What Needs to Be Updated?
Most updates start with your core documents. You might need to:
- Add or remove someone from your living will
- Update powers of attorney to reflect who you trust now
- Change beneficiaries or guardians in your will or trust
- Adjust ownership on properties or assets
- Review changes related to your business, including nonprofits, LLCs, or 1031 exchanges
If you’ve purchased new property or transferred assets, your title insurance and recorded title & deeds might also need to be updated. If you’ve started a new company, a review with a business formation law firm ensures your estate plan covers your business interests, too.
Business and Estate Planning
We know that personal and business lives are often connected. As a corporate law firm, we help clients manage both. If you’re a business owner, you need an estate plan that protects not just your family but also your company, its contracts, assets, and long-term goals.
Whether you’re planning to pass down a family business, serve as a board member for a nonprofit, or invest through 1031 exchanges, your estate plan should reflect those details. That’s where MM&G comes in, providing our clients with clear legal strategies that fit every part of their lives.
It is important to note that you do not need to revise your plan every time you buy something new, but if any of the following apply, it might be time to take another look:
- You got married or divorced
- You had a child (or grandchild)
- You moved to a different state
- You started or sold a business
- Someone important in your plan passed away
We also recommend reviewing your plan every few years, even without a significant life change. Laws change, and so do the best practices around estate planning in Alabama.
Let’s Make Sure Everything Is Current
An outdated estate plan can cause stress, confusion, or even legal disputes. At MM&G, we help you avoid that. Whether it’s updating your living will, revisiting your trust, adjusting ownership on titles & deeds, or protecting your business interests, we take time to ensure everything is aligned.
Reach out to Muncie, Mattson, & Gunter to schedule a consultation. We’ve helped individuals, families, and business owners across Auburn and Opelika protect what matters most. Our team is here to support your future with strategic estate planning.