Four Times to Update Your Estate Plan | McGinn Law, PC

You may be considering your first estate plan, or you may be wondering do I need to update my estate plan. ?It is recommended that you revisit an existing estate plan every three to five years.? Usually enough has changed that you may want to rethink past decisions.? What are some of the reasons to create or update your estate plan?

1. Marriage, Divorce & Remarriage

Any changes in your marital status will mean a change in the people you trust, don?t trust or need to provide for.? If you get married, prior wills may be invalid, unless prepared in contemplation of the marriage.? Sometimes redefining your estate plan, and/or life insurance or trust documents may be a part of your separation agreement.? If you or your partner are getting remarried, that implies you might now have a blended family and/or a new person you want to appoint to make your health care decisions and pay your bills if necessary.

2. Family Subtractions & Additions

If you had a child, or adopted a child, into your family it is probably a good idea to make the appropriate provisions. ?Obviously, if and when people who you have included in your estate plan pass away adjustments may be necessary as well.? Perhaps the guardian for your children that you had chosen five years is no longer the best person (or couple) for any number of reasons ? the couple is no longer together, or have too many other commitments,

3. Significant Financial Gains

You have been lucky enough to generate and accumulate financial resources, you may want to consider how to protect those assets and how pass them along either to your children (minor or grown).? This could include estate tax exposure and/or the need to implement asset protection strategies.

4. Moved to Another State

We get this a lot.? People think that just because they moved to another estate that somehow automatically invalidates their existing will, health care proxy or durable power of attorney.? Not so.? We live in the United States.? United being the operative word.? So as long as your documents where properly prepared and signed (with the proper procedure and formalities) in the state you formerly lived in it will remain valid.? You may want to update your estate plan for other reason or because it is old, but no need to do it just because you moved.

A wise course of action is to develop an ongoing working relationship with?an experienced estate planning attorney?who can understand your situation and family over time and be ready to structure the appropriate adjustments. To get started, simply take a moment to arrange for a consultation.

Source: http://www.mcginnlawpc.com/four-times-to-update-your-estate-plan/

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