Having an estate plan is a great feeling. Knowing that you can answer pressing questions that your loved ones may have provides a tremendous sense of peace. Even if you have already made estate plans, life can change in ways you might not expect. When life changes, be sure that your estate plan changes too.
In recent years, the amount of people who even have an estate plan has been decreasing. Proper estate planning is critical for helping loved ones make severe decisions regarding major health decisions or how they will disperse the estate. While planning is essential, so is maintaining an estate plan. When life throws a change into the mix, an estate plan needs to adapt.
Whether in the event of marriage or divorce, the estate plan will likely need to change. Without changing estate plans after an event like this, benefits may go to someone that the decedent no longer wants to receive benefits.
Childbirth and adoption are beautiful occasions to celebrate the growth of a family. Part of these celebrations should include an accurate estate plan to ensure that children receive the benefits their parents can leave behind.
Tax law is constantly changing the way things work. Sometimes these changes may affect how an estate may disperse. Checking with an estate planning attorney every three to five years can help keep plans current and accurate.
Change in career
A significant job promotion can drastically improve the assets someone may have to offer after their passing. A new job may change how someone wants to designate its beneficiaries entirely. Do not make sure estate plans reflect a change in career.
Sometimes, a designated beneficiary may pass away, or otherwise, they may fall out of a person’s life. Other times, someone may come into a person’s life in a way that warrants, making them a beneficiary. When relationships change, these changes should reflect in an estate plan.
Do not forget about the estate plan
Life moves fast. When it does, make sure that your estate plan is keeping up with the changes. Talk to an estate planning attorney every few years to ensure that your last wishes are still accurate.