Your Estate Plan isn’t something that you can set in stone once and assume it will be accurate forever. Your Estate Plan is supposed to be a reflection of your life, so as your life changes, you may need to update your Estate Plan as well. It won’t happen automatically.
An Estate Plan is a legally binding plan for what will happen to your possessions and property (your estate) and your funds (your assets) after you pass away. It can involve Wills, Trusts, bank accounts, and much more. An Estate Plan is created with the help of a lawyer. Without an Estate Plan, those same important decisions will be made by a Judge in probate court after you pass away.
Creating an Estate Plan is important for everyone to do. Here are 4 times when you will need to update that Estate Plan as soon as possible:
You Move States
The rules for Estate Planning are different in every single state. If you have moved states since you created your Estate Plan, you should have it updated by a local attorney. This is not necessary for simply moving to another town within your state.
You Get Divorced
It may seem like common sense that when you get divorced, your ex-spouse would be removed from your Estate Plan. That’s not the case. Unless you make a point to update your Estate Plan, your ex-spouse will still receive everything you own after you pass away.
You Have a Child
Whenever you have a new child, you will likely need to update your Estate Plan to include them. This is true no matter whether the child was added to your family through birth, marriage, or adoption. Estate Planning is one of the most effective ways for step-parents to pass things on to their children, so it is especially important for blended families.
Your Assets Change
If your financial situation has significantly changed since you created your Estate Plan, you should probably update it. This is true of whether your situation has improved or worsened. If your Estate Plan includes assets you no longer possess, you’ll definitely want to update it.
Get Started
If any of these situations apply to you, it’s important to update your Estate Plan as soon as possible. You never know what will happen, so having your Estate Plan accurate and reflective of your own life at any given moment is important. To update your Estate Plan, contact Velazquez Consumer Law, LLC today! We provide solutions and shield you from surprises.
Velazquez Consumer Law
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