Creating a sturdy estate plan is a great idea, but that’s only enough, the process should not end when the estate plan is in place. For keeping this crucial investment working perfectly for you, there are some specific times you should focus to keep yourself and your loved ones covered. Periodicity revising your estate plan make sure it correctly reflects your present goals and needs.
However, when major life events take place or you simply wish to change the distribution pattern of your property, it might be the best time to update your estate plan. The good news is that it’s relatively easier to make changes and updates to an estate plan, and your estate planning lawyers can help you make the experience painless and quick.
Just to make the process easy for you, outlined below are few solid reasons why you should update your estate plan as soon as possible.
YOU GOT DIVORCED
Once your divorce formalities are finalized, your estate plan must be reviewed and updated as soon as possible in order to reflect current desires and goals. You obviously want your will or another type of estate plan to include your new partner or /and remove your ex-spouse. Also, you can take appropriate steps in order to protect your interior from possible future divorce process.
ADOPTION OR BIRTH OF A CHILD
If a new member of the family has been added, adopted or born through the marriage, your estate plan should be updated or changed to provide financial support for the new member of the family. Updating the estate plan also provide additional support to parents of a new child. In addition, you may also wish to elect a caretaker or guardian if you or your partner die in the future.
KIDS GETTING OLDER
The parents of young kids want to make sure that their young children are safe in the future in the event of something happens to them. But, when the young children get bolder, start their career and have their own kids, you may want to shit the allocation of the property to others in the family charities, or other organizations, more in need.
CHANGE IN TAX LAWS
Tax laws are not constant, they keep constantly changing and often tend to adversely affect your estate plan. With the help of your experienced estate planning lawyer, you can ensure that your estate plan takes all the benefits of the new legislation.
In case you come across any of the above-mentioned situations, be sure to contact good estate planning consultants or lawyers in order to review your plan.
There is end number of financial and personal reasons you may need to review and update your estate plan on an ongoing basis.