When Is It Appropriate To Update Your Estate Plan?
Estate plans are a part of your life and future. If some changes occur in your present life, it affects your future as well. Therefore, it only makes sense to review your estate plan every five years or after certain big changes in your life.
Everyone talks about how important it is to create an estate plan. However, reviewing and modifying the plan after a certain period of time is also crucial. An nc estate lawyer can tell you if it is appropriate for you to make changes or keep it the same.
Times you should consider updating your estate plan
- When you move to another state.
When you prepare a Will or a Trust in one state, it does not necessarily mean that it will be effective when you move to another part of the country. Every state has different laws about estate planning, and it is important that you adhere to them. If you are about to move or have moved, it is time to let an attorney in Moorestown take a look at the document. You do not want to violate state law and invite trouble for yourself unknowingly.
When you get married, there comes a dynamic change in your family. The thumb rule to follow is that you must review your estate plan whenever there is a change in your family. If you recently got married, you need to ensure that your plan includes your spouse. If you have been married before, remove your ex and then include your new spouse.
- First child.
Again, the birth of a child is a significant change in the family. Therefore, you should make sure that these changes reflect in your estate plan. Most parents want to pass on their assets to their children, so naming them in your will is the first step. There are many things to be changed and added with the birth of a child. For example, choosing their guardian, the age when they can access the passed-on assets, how many assets you want to pass on, etc.
- Buying a house.
Your estate is everything you own. You will buy various things in your lifetime, and thus, the value of your estate will keep changing. This is significantly true when you buy a piece of real estate. When you buy a house, you must plan for what will happen to it when you die. For example, adding your house to your estate plan so that your children and spouse can continue living it. You may also give it to your adult child.