Do you already have an estate plan in place? Don't get too comfortable
just yet. You are on the right track, but there are actually
plenty of reasons to revise your estate plan. Things change all the time. If you find that any of these events have
recently occurred in your life, it is essential to make changes today.
You Got Married
Simply because you got
married does not mean that the law suddenly acknowledges your new spouse as the
person who receives your trust. You might also want to keep this in mind
if you both have children from separate relationships.
You Got Divorced
Now that you do not need to provide for your ex-spouse when you pass, you
may want to change your estate plan to reflect this. Finalize your
divorce and revise your estate to fulfill your new life goals.
You Had a Child
If you now have a child to prepare for, it may be time to revise your plan.
Not only do you want to
plan for your child's future, but you probably need to name a guardian in the event that something
happens to you and the other parent.
A Loved One Became Ill or Injured
Your estate plan will likely change if you find out somebody is hurt or
sick. You may want to ensure that your estate helps to take care of this
individual if something does happen to you.
You Have New Life Goals
It only makes sense that your goals for life have changed or shifted over
the years. Perhaps you want to put a different trustee in charge because
your relationships have shifted, or maybe you now have grandchildren,
nieces, or nephews to account for. Ultimately, you might just want to
change your plans.
You Inherited or Received a Large Sum of Money
You may want to change the way you distribute your assets upon your death
if you somehow gain quite a bit of money. The way you manage your estate
may have a lot to do with taxes as well.
You Recently Acquired a Business
Any big change to your business should definitely affect the way you look
at your finances. You might want to create a plan of succession or influence
the way you distribute assets gained through it.
Generally, moving does not influence the way your estate works. This typically
becomes a factor if you move to a new state or country, especially if
you move from a community property state to a separate property state
or vice versa.
Do you need some help revising your estate plan?
Contact us to learn more about your options.