Finalizing a will, trust, and any other estate-planning document is a big accomplishment, one that you can happily cross off your to-do list. And while you don't have to constantly monitor your will situation once you're done, you can't totally ignore it. There are times when you'll have to review how you've planned your estate and possibly change your plans. Four situations stand out, although depending on what happens in your life, you may have additional reasons to revise your estate plan.
Any Major Personal Changes
Any time you have a major personal change, such as marriage, divorce, or parenthood, you need to adjust your will. Your beneficiaries will change, your executor or successor trustee may change, or you may have additional property to add to the will. Review your state's laws on how much a spouse inherits, for example, if you just got married. If you have kids, you need to make plans for their care should you die before they turn 18.
You Get a Pet
Your life could remain exactly the same except for the addition of a pet, and you'd have to adjust your will. Your pet will need care after you're gone. Find people willing to take the pet into their homes or contact rescues willing to take the pet should you pass away. Arrange for pet insurance and a fund for the pet's care.
Major Tax Changes
If major estate tax changes take place, take another look at your will. Limits that allow you to do something may change, such as restricting a transfer of property or funds more, reducing the taxes your beneficiaries would pay, and so on. This one isn't that urgent, but it's a situation in which you should eventually check out for your will. You may be able to leave more to heirs than before, or you may find that selling property instead of keeping it for your heirs to inherit may be better.
If You Move to Another State or Country
Along with marriage, divorce, and kids, moving is often considered a big life change, but moving within a state doesn't change much about your estate, other than a change in property if you sold and bought houses. But if you move to another state or even out of the country, you need to understand how estate and probate laws change across that border.
Once you get your estate plan in place, you can take a break, but keep the number for your estate planning services handy in case you need to contact them again in the future. Chances are, you'll have to make a revision or two in the next few years.Share
2 June 2019
Like many other people, I admire the important tasks lawyers take on every day. I’m amazed at how knowledgeable general attorneys are about a variety of subjects. These professionals can accomplish many complicated jobs seamlessly, such as representing a client in a civil lawsuit, assisting a business with a merger, and acting on a client’s behalf in a medical malpractice lawsuit. Besides creating detailed legal briefs, they must argue their clients’ cases in court in front of a judge, jurors, and others. On this blog, I hope you will discover how crucial general attorneys are to this country’s legal system.