You have thought about your wishes for after you die and written them all down. You have decided who will receive what assets and any final instructions for the end of your life choices. You hired an estate planning lawyer Abingdon, VA residents trust to make sure you have taken care of every aspect to make life easier on your loved ones when you die. Have you finished the estate planning process? Is there anything left to do? What changes throughout your life might indicate you should adjust your estate plan?
When Should I Review My Estate Plan
The biggest enemy of a solid estate plan is time. Throughout your life, your situation and circumstances will dramatically and subtly change that will make your will, medical directives, or trust not exactly what you would like them to be. That is why it is very important to review your estate plan after any life event to ensure it is what you want it to be.
Marriage: While no one wants to spend their honeymoon drafting a new estate plan for their death, it is important to update your estate plan to include them. If you are getting married for the first time, it is probably obvious that you will need to add your wife or husband to your list of beneficiaries. However, if you are getting married for a second time or if you are getting married later in life, there may be other aspects to consider. One instance you would need to think about is if your new spouse’s share reduce the funds given to your children from a previous relationship?
A New Child: When you have a new child in your family, it is an exciting time with a lot to do. Something that you need to add to your list of tasks is to update your estate plan. With your first child, your estate planning needs change dramatically. You will need to make sure your child is taken care of should something occur to you and your spouse. After adding any additional children, either through birth or adoption, you will need to review your will to make sure all of the beneficiaries provisions are accurate.
Buying and Selling Real Property: Homes are often the single biggest asset a family owns in their estate. If you buy new property, no matter if you are upgrading your home or purchasing an additional vacation home, you will need to examine your estate plan to ensure your property is acknowledged. It is also important to review your estate plan when downsizing.
Opening a New Business: When creating a new business, people spend many hours and dollars. However, if your estate plan does not account for your new business, your business may not last after your death. When estate planning for your business, you need to both provide for your family as well as for the benefit of the company. Without having an estate plan, your business could be given to children who do not want to run it or a successful company could be ruined. You will need to make sure your estate plan lists who will take over your company when you die as well as who will receive the profits.
Thank you to our contributors at the law office of Mark T. Hurt for the above information.