You’ve spent the time and money developing your estate plan, but how often do you review it? If you’re like most, you simply set-it-and-forget-it. Unfortunately, this way of thinking leaves you without an accurate, relevant estate plan when it matters most. Therefore, consider these common reasons for reviewing your estate plan and make sure they don’t apply to you.
Did you get married recently? If so, you have some changes to make to your estate plan. You should update your will, living will and any trusts to make provisions for your new spouse. Make sure any community property laws don’t apply to your current situation — if you live in a community property state. If you haven’t tied the knot, you might want to discuss a prenuptial agreement with your attorney first.
Just like marriage, a divorce is a good reason to review your estate plan. You have to make changes to your property and beneficiary designations.
Most people open a new account at least once a year or every other year. If this applies to you, you need to include that account in your estate plan. Bank accounts, retirement accounts or even a new loan should be added in.
If you’ve created a living trust, you need to add your new home to the trust. All properties should be in your trust. If they aren’t, have an estate planning attorney in your area help you transfer your properties.
Whether you’ve had a new addition or adopted, you need to make a few changes to your estate plan. Review your estate plan to make any changes for beneficiaries and name a guardian for your children.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018