As the calendar turns, many Wyoming residents take time to reflect on the past year and set new goals. While most of these goals focus on health, fitness, or career, the New Year is also the perfect time to address a critical, yet often-overlooked, item: your Estate Plan.
If you already have a Will or a comprehensive Estate Plan, that’s an excellent start. However, if it hasn't been reviewed in the last few years, it might be outdated—and an outdated plan can be just as problematic as having no plan at all. Don't let your thoughtful intentions become a source of confusion or conflict for your loved ones.
Why the New Year is the Time to Review
Life in Wyoming doesn't stand still, and neither should your legal documents. The start of the year offers a clear, fresh opportunity to ensure your Will and all supporting documents reflect your current life and the latest legal landscape.
Here are three core reasons why you should make a review a top priority:
1. Major Changes in Your Life or Family
The most common reason for a necessary update is a change in your personal circumstances. Did you get married or divorced? Did you welcome a new grandchild? Did a named executor, trustee, or beneficiary pass away or move out of state?
Your Will is a snapshot of your life at the time it was signed. A divorce, for example, may automatically revoke certain provisions, but not all of them. Likewise, a new family member will not automatically be included as a beneficiary. You need to formally update your documents to account for these vital life events.
2. Changes to Your Assets and Financial Situation
Have you bought or sold a ranch, acquired new mineral rights, or started a successful business? Substantial changes in the value or type of your assets should trigger an immediate review.
An increase in net worth could affect estate tax planning, even if you are below the high federal exemption limit (which is scheduled to be cut significantly at the end of 2025). Furthermore, if you bought property in another state, the laws of that state might apply, complicating your Wyoming-centric plan. An updated plan ensures your assets are distributed exactly as you intend, often helping to minimize taxes and avoid lengthy probate.
3. New Laws Impacting Wyoming Estates
Federal and state laws change, and sometimes, a seemingly minor legislative adjustment can have a big impact on your plan. For instance, recent Wyoming legislation has increased the maximum value of an estate for simplified probate procedures.
Additionally, at the end of the year, the federal estate and gift tax exemptions are scheduled to revert to significantly lower levels. While this may only affect high-net-worth individuals, it underscores the need to consult with an experienced attorney who can help you take advantage of current laws and structure your plan to be resilient against future changes.
Avoid Common Update Mistakes
When updating your plan, it is critical to do it correctly. Simply writing a note on the margin of your old Will or using a free online template may lead to major mistakes, potentially invalidating your entire document. Wyoming has specific requirements for a Will to be valid (signatures, witnesses, etc.).
A slight inconsistency, ambiguity, or failure to follow the proper legal formalities can undo all your hard work and result in years of costly litigation for your family. Working with an experienced Wyoming estate planning attorney ensures your updated Will and all documents are legally sound and truly reflect your current wishes.
Don't wait for a crisis to discover your documents are outdated. Make this the year you protect your legacy and give your family the clarity and peace of mind they deserve. Contact the trusted legal team at Bailey | Stock | Harmon | Cottam | Lopez LLP today for a comprehensive Estate Plan review and update.
Call us at (307) 222-4932 to schedule your confidential consultation.