Proper Estate Planning
Planning for the future is a part of life. You established an estate plan years ago, filed it away in a safety deposit box and haven’t thought much about it since. There’s a sense of security that came with just knowing it was done. A lot of people believe that once an estate plan has been established, they’re in the clear. It’s important to realize that is not always the case, so working with a local estate plans lawyer is advisable.
You took the time to put together an estate plan because you care what happens to everything you’ve collected and worked for. Life is full of change, and you might be in a completely different spot now than you were when the estate plans were established. Change is inevitable and these things need to be accounted for as years go by.
Below you will find a list of reasons why it’s important to keep your estate plans up-to-date:
1. If the Person(s) included in your will are deceased –
The grieving process can be very emotional and it’s important to update your will if someone named has passed away.
2. With the Birth of a child –
Who will become your children’s legal guardian if something happens to you? What assets do you want to leave them? Any time a new child is born, your estate plans should be updated.
3. Your children are no longer minors –
If your children are over the age of 18, you no longer need to worry about naming a legal guardian to care for them.
4. You’ve been through a divorce –
Maybe it hasn’t even occurred to you, but your once-established estate plans may be reflective of a marriage that is no longer valid.
5. You got remarried or are in a new committed relationship –
Do you want your new spouse or life partner included in your will? Are you included in theirs?
6. New people are named (or unnamed) –
The birth (or adoption) of a new child is an essential reason to update your will. This can also apply to anyone else you may decide to include or exclude.
7. New and changing state laws –
Keep an eye out for changes in estate law that could affect your already established estate plans.
8. If you moved to a different state or country –
Legal requirements vary from state-to-state or country-to-country. Be diligent about the rules/regulations of your current residence. Make sure and check how your plans could be affected by variations in these laws.
9. If you purchased or sold real estate –
Be careful to ensure your estate plans should account for all currently owned property.
10. A change in financial status can make a difference –
If you came into an inheritance, made a good investment or upped your earning potential, keep your money safe by updating your plans immediately.
11. A change in someone’s health –
Make sure proper funds are allocated for needed medical care, in case you or a family member becomes ill.
12. If significant time has passed –
When it comes to life changes, it is recommended that your local estate plans lawyer reviews and updates this legal document every three to five years.