If you have created an estate plan, that would be good for you. However, if you have not created one yet, you have a lot to do. The greatest misconception of people who do not have an estate plan is that they have a good deal of time on their hands. That is not always true. And once you draft one, it is crucial to change and update them from time to time.
You are already taking the right steps to protect your family. Why not complete the process? If you do not know where to start, getting help from an expert can help you learn more. Meanwhile, read this blog to find out during which life events you should review your estate plan. Again, these may or may not apply in your case, but it is good to know the laws.
Reasons or events that should trigger a review for your estate plan
- You have a new child or grandchild.
When you have two children, you only include them in your estate plan. This means that they get certain parts of your assets and may be assigned some duties. However, what happens when you have a third child? You would want him/her to have a right to your assets, too. The same applies to grandchildren as well. Therefore, when you welcome a new member of the family, you are advised to review your old estate plan.
- You have moved to another state.
The estate planning laws are not national. There are different sets of laws for every state. For example, you need witnesses for a will to be valid. But, the number of witnesses required can be different. Many states require a spouse to share some part of their assets with their spouse, but the amount varies. If you had an estate plan and you have moved to a different city recently, those documents need to be updated.
- You got married, divorced, or remarried.
If you got married after you created your estate plan, you must not have included your now spouse in it. You should add documents clearly stating what you want your spouse to have from your assets.
The same goes for a divorce. Nobody wants to share their properties with their ex-spouse, so make sure you review your estate plan immediately after your separation. If you get married again after your divorce, it is important to include the name of your current spouse.
These are only three of the many reasons you should review your estate plan. That is why it is recommended to have an expert go through your documents at least once a year. Hire an estate planning attorney today.
