Estate Planning Lawyer
Creating an estate plan can protect your loved ones and make sure that your final wishes are carried out. However, an estate plan is rarely a one and done deal. Most people will have to update their estate plans multiple times in their lives.
Here are a few signs that you need to update your estate plan.
Your Assets or Liabilities Have Changed
Throughout your life, there is a good chance that your assets and liabilities will change. For example, you may have received an inheritance recently or bought a second property. Or you might have sold a business or other major asset in your estate. In either case, you will want to review your estate plan.
You Relocated to Another State
People move to different states all the time. If you have recently moved out of state, it is definitely time to give your estate plan another look. Estate planning laws vary from state to state. For instance, some states may have inheritance or estate taxes while others do not. To make sure that your current estate plan follows the laws in your current state, you should have an estate planning lawyer review it.
You Had a Child
Whether you recently had a child of your own or adopted one, it is important to update your estate plan. After all, you want to make sure that your child is taken care of should you die suddenly. In addition to leaving your child money, you can appoint a guardian to look after him or her. The person you appoint should be trustworthy, financially stable and shares your values about raising children.
You Got Divorced
If you recently got a divorce, you should review your estate plan as soon as possible. You will want to take your ex-spouse out of your will. If you neglect to do this, your ex-spouse might receive some of your assets after you die.
You Are Concerned About Long-Term Illness
If you were just diagnosed with a serious illness, it may be wise to look at your estate plan. If you do not already have one, you should appoint a power of attorney to make healthcare decisions on your behalf should you become incapacitated.
Your Spouse Died
If your spouse died, you should create a new will or trust and update your beneficiary designations. Since your spouse is no longer here, you may want to designate someone else to get your property.
You Want to Disinherit Someone
As the years go by, your relationships with your family members may change and not always for the better. If you wish to disinherit a child or someone else, it is time to update your estate plan.
If you need assistance with your estate plan, you should contact an estate planning lawyer from Davis, Johnson & Kallal as soon as possible. Do not wait too long to make the necessary changes to your estate plan.