If you want to make an estate plan, you should use a probate lawyer as a resource. This important decision is more than writing on a piece of paper how you want your assets divided in the event of your death. After an estate plan is completed, it is not the end of the matter. Estate plan changes may need to be done because of certain things that may happen in a person's lifetime. Sometimes estate plans are needed when individuals choose to make changes for personal reasons. Including a lawyer in the process is ideal because you can have the peace of mind that creating the state plan and making modifications to it are done correctly. Professional preparation may also reduce the chances of beneficiaries of the estate challenging its validity. The following points represent examples of things that require an estate plan review and modification.
Significant Asset Changes
You should monitor asset changes and make decisions about adding new assets based on whether they are significant. For example, a large inheritance, a new home purchase, or a lump sum of lottery winnings might change estate value significantly, but purchasing a lawnmower might not be worth making a new entry. You also need to remove assets that you lose or choose to get rid of. Asset changes are important because they often affect the distribution of the estate when it is settled.
Marriage and Divorce
Many individuals want their spouses to be in control of their personal assets if they pass away. In many states, spouses may automatically inherit assets of their deceased spouses if there is not an estate plan. Individuals who want certain portions of their assets to go to their spouses and other assets to go to other loved ones need to outline their wishes in their estate plans. It is also important to make modifications when a marriage ends in divorce. If a new spouse replaces the first spouse, a modification needs to be made. Otherwise, the most recent spouse may end up challenging the matter in probate court. The process can be complex and lengthy.
Beneficiary Change
Individuals may add or remove beneficiaries for a number of reasons. Sometimes disputes and unresolved resentments or new love and friendships may cause individuals to reconsider their listed beneficiaries. The death of a beneficiary is a mandatory reason to modify an estate plan. New births may mean that individuals want to add beneficiaries. This can be the births of grandchildren, nieces, and nephews, or even if someone adopts a child. An estate lawyer can address questions about all estate matters and assist with periodic reviews to determine if modifications are needed.
Share19 November 2020
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.