If there is one thing to be said about any long-range plans, it is that there is a high degree of certainty that something will interfere and make adjustments necessary. Setting up an estate plan is one of those things that can become inaccurate or obsolete. Here are a few of the things that can affect your estate plan, leaving you in the position of needing to meet with your lawyer to get it back on track.
- Major Life Events– A new marriage or divorce is an important reason to reevaluate your estate plan as your wishes have likely changed.
- Births and Deaths– Gaining new members in your family, either by birth or marriage, or the death of a beneficiary can mean necessary changes to your estate plan. This is especially true if the bulk of your estate was planned for someone who is no longer alive and you don’t want the assets going to their heirs.
- Your Children Have Grown Up– If your estate plan defined an allocation for a caregiver for minor children, you will want to modify that as soon as your children become adults. In addition, when your children have become financially comfortable, you may want to shift assets to a charity or other family members who are more in need.
- Changes in Estate Law– Your estate plan is written by your lawyer based on the prevailing laws at the time. If those change, you may need a new course of action to safeguard your assets so they get into the hands of those you planned.
- Estate Changes– If the value of your estate changes significantly, you may need to make changes in your estate plan. Estate tax implications could have changed, or if your estate has grown, you may want to include other beneficiaries or leave more to certain ones. Of course, the reverse could also be true.
If you do not have an estate plan or your current one needs to be reviewed and changed, turn to us at James M. Snow Law. A qualified estate plan lawyer will be able to keep your wishes properly recorded based on your present circumstances to avoid family disputes and other issues later. Call us with any questions you may have.