Having an estate plan in place lets you accomplish an important long-term goal. Also, you enjoy peace of mind knowing your financial assets and legacy are protected. But you must update your plan when there are important changes in your financial or personal circumstances. You should meet with a Scott Counsel estate planning lawyer to have your plan reviewed every 3-5 years. This can work when you can remember the date this timeline expires. So, it is best to review your life situations every year to know if you must let your lawyer review your estate plan. An update to your estate plan may be necessary when the following life situations occur:
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When you get married, you must update your plan, so it reflects the new situation. When you consider your marital status in your plan, your lawyer will also ensure you update your beneficiary forms for assets such as retirement accounts and life insurance. Also, they will change property titles.
An update to your plan is especially important when you marry for the second time. If you and your partner have your respective children and you combine your family into marriage, these are significant considerations you must address in your estate plan. Also, a marriage of a family member requires an update to your estate plan.
Child Birth or Adoption
When a new member of your family arrives, you must revise your plan to address this new member’s future needs. Updating your plan is necessary when your family welcomes a new child by birth or adoption.
A Move to a New State
When you change legal residence from one state to another, the laws that govern your estate and plan tend to change. It is important to look for an estate planning lawyer in your new residence to review your plan and make important changes.
Death of a Spouse
Your estate plan must determine how your spouse’s estate will be administered when they die. When this unfortunate life event occurs, you must also develop a new plan to address the change in your situation. Your lawyer ensures you update assets with chosen beneficiaries and properties that are jointly titled. Additionally, your estate planning attorney will revise documents such as durable powers of attorney and advance directives when necessary.
Business Interest Change
If there is a change in your business interest, you must ask your attorney to review your plan. This includes purchasing or selling a business and launching a new one.