An estate plan is one of the most useful legal tools that you can possess. When your estate plan is written correctly, you will be able to protect your assets and make sure that your wishes are honored as you grow older.
Like most legal documents, however, an estate plan is a reflection of your mindset at the time it was written. If you haven’t updated your estate plan in some time, then it may no longer represent your desires. Find out when you should update your estate plan and learn why you should always develop your plan with the help of an elder law attorney.
Major Life Events
Estate plans should be updated every few years to make sure they reflect your current wants and needs. One of the best times to tweak your plan is after you’ve experienced a major life event. There are several different life events that warrant changing your estate plan, including a marriage, a divorce, a death in the family, and the birth of children and grandchildren.
Updating your estate plan after any of these life events will ensure that your assets are protected and will be given out according to your wishes after your death.
Changes in Finances
The main purpose of an estate plan is to secure your assets, including your property and financial accounts. However, a person’s finances can change in the blink of an eye, which means you will need to update your estate plan whenever your financial situation has changed.
For instance, if you sell a piece of property, or if you suffer some kind of financial setback, your estate plan will need to be altered to match your current assets. Anytime your finances change, whether good or bad, you will need to visit your elder law attorney to make revisions to your estate plan.
Change of Venue or Circumstances
There are several other life changes that you will need to take into account in regards to your state plan. If you move to a new state, for example, it’s likely that you will need to change your estate plan, as laws can differ from state to state.
In addition to a change of location, there are several other circumstances that will require an update to your estate plan. When your children or grandchildren come of age, you may want to change their status in your plan. Similarly, if your relationship with anyone named in your estate plan changes, you will need to update your plan accordingly.
Other reasons to update your estate plan include guardianship changes for minor children, the executor or trustees named in your plan can no longer fulfill their duties or roles, or a beneficiary is disabled and you need to establish a special needs trust.
Update an Estate Plan with Help
As you can see, there are a variety of reasons to change your estate plan. When a situation arises that requires you to update your estate plan, you need to make sure to work with the team at Stano Law.
Stan Law offers a variety of elder law services to our clients, including estate planning. Ask us about our services and find out how we can help you.