There is nothing better than the feeling you get when creating an estate plan for the first time. Even if it is a difficult process, it is good to know that you have a plan in place to protect you, your loved ones, and your property as a whole.
But then something happens. As the years go by, you realize that the estate plan that was right for you is no longer perfect. This leads you to review the finer details in an effort to determine what comes next.
If you realize that your real estate plan needs updating, feel free to take any action. Here are some times in your life that you should seriously consider making a change:
- Child birth or adoption: Everything changes in your life when you bring a child into your family. This includes your estate plan. Reconsider your property plan to make sure it still works for you and your new baby. It is likely that you will need to make some changes, such as naming a guardian for your new addition.
- Divorce or marriage: Both major life events will affect your estate plan. For example, if you get married, you may want to name your new spouse as the sole beneficiary of your property. Same, in the case of a divorce, you need to make changes to ensure that your ex is not in line to receive your belongings upon your death.
- TransferEstate planning laws vary from state to state. Therefore, if you move to another state, take your estate plan with you and review it with a legal professional when you arrive. There is a good chance that you will find that you need to modify it in some way.
- The death of a family memberTake, for example, the situation in which a loved one, who is named on your estate plan, passes in front of you. It is important that you remove them from your property plan.
These are just a few of the many times in your life that you should review and update your real estate plan. When you take action, you will feel better about your estate plan and how it will affect you and your loved ones in the future.