Your estate plan is incredibly important if you want your wishes followed after your death or if you are, for any reason, incapacitated and unable to make decisions for yourself. Have you been putting off a review of your estate plan? There are a number of important reasons why today might be the day to review it.
1. Your medical wishes have changed.
Do you have a Living Will that lays out your wishes? If you have recently been diagnosed with a new condition, you've gotten older, or you have recently changed your opinion of what you want to happen, today is the ideal time to review your estate plan.
2. Someone new has entered the family.
Whether you've just had a new child or you have recently gotten married, a change in your family situation can mean that you need to change your estate plan to match.
3. Your financial situation has changed significantly.
Any time you have a major change in your financial situation, including increasing income, decreasing income, or a windfall like an inheritance from someone else, you need to check your estate plan to ensure that it still meets your needs.
4. You have a family member who will require special care.
When you have a family member with special needs, especially a child, they may require care after your death. Your estate plan can incorporate plans for that individual, which you may want to modify as circumstances change.
5. Someone has recently left the family.
Divorce and death can both create considerable changes in your overall estate planning needs. If someone has died or recently gone through a divorce, you may want to check your estate plan to make sure that it still reflects your desires.
6. You have recently changed, or are considering changing, your life insurance policy.
When you create a new insurance policy, you need to make sure that beneficiary information matches and falls in line with your estate plan. Failure to check that key information could leave challenges behind for your beneficiaries after your death.
7. You have recently opened your own business.
If you have a business, even a small business, you need to make sure that it is handled properly after your death. Make sure you regularly review your estate plan to ensure that it takes those needs under consideration.
8. You are ready to create a revocable trust.
A revocable trust allows you to maintain control of your assets while still ensuring the smooth transfer of ownership after your death. If you have decided that you want to create a revocable trust, you may want to go ahead and review your estate plan to make sure of how it fits in.
9. You have recently made a major purchase, including real estate.
A real estate investment may need to be handled carefully in your estate plan. Make sure you check with your estate planning lawyer to ensure that you have properly designated how to handle that asset.
10. You haven't looked over your estate plan in a couple of years.
You should review your estate plan every 3-5 years to ensure that it still fits your needs and the needs of your family. Minor children grow up, family circumstances change, and income changes can shift the way you want to manage your assets after your death. A regular review of your estate plan will ensure that it continues to reflect your wishes.
Do you need to look over your estate plan due to changes in your finances or circumstances? Contact us today to discuss your will, any trusts you may have created or need to create, and more.