If you have been reading our blog for any length of time you probably know that taking the time to update your estate plan on a yearly basis is important. As our lives change, our estate plans need to reflect these changes. To help guide you in determining when you need to make a change, we’ve come up with a brief list of questions to ask yourself every year. While it’s always a good idea to check in annually with your estate planning attorney, periodically asking yourself these questions can give you a good idea when to call and schedule a time to make changes to your plan.
Three Questions to Ask Yourself When You Already Have an Estate Plan: Have You Purchased Any Property Lately?
Estate plans focus on what happens to your property if you become incapacitated or die. A good plan allows you to choose what happens to your property and control who manages it when you are no longer able to do so.
Naturally, if you acquire more property, you need to update your estate plan to reflect these new circumstances. This is especially true if you acquire real estate. Real property typically is the most valuable asset the average person owns, and controlling what happens to it can require careful planning and preparation.
Three Questions to Ask Yourself When You Already Have an Estate Plan: Is Your Marriage on the Rocks?
It isn’t uncommon for a marriage to come to an end, and divorce can affect any family at almost any time. If your marriage is on the rocks and you have been considering divorce, you should speak to your estate planning attorney at your earliest opportunity. Should you and your spouse decide to separate or end your marriage, there are specific steps you need to take to protect yourself and your estate planning interests.
Three Questions to Ask Yourself When You Already Have an Estate Plan: Have your Family Circumstances Changed?
People make estate plans at different stages in their lives. Whether they make their first plan while they are single, after a recent marriage, or after the birth of a child, these plans should be revised when there is a change in family circumstances. The birth of a new child or grandchild, the marriage of one of your children, or the death of a sibling or other close relative should all prompt you to consider how these changes affect your estate plan, and to make any changes that might be required.