Is your estate plan up to date? Have you had any major life changes? It may be time to review your estate plan to ensure it’s still protecting you and your loved ones like it should be. At NC Planning we care about our clients and want you to have peace of mind for the future. In this article, we will outline 10 reasons why you may need to review or update your estate plan.
1. Marriage
Have you or a loved one recently gotten married or remarried? Do you or your spouse have children from a previous marriage? Changes in your marital status can greatly affect your estate plan. You will want to include your new spouse or family member in your estate plan so that they will be able to receive an inheritance.
2. Divorce
Have you or one of your beneficiaries recently divorced? If so you will want to update your documents and beneficiaries.
3. Birth or Adoption
Do you have new children or grandchildren? You will need to add them as beneficiaries. It will also be important to name a guardian if you have minor children.
4. Death
Have you recently lost a loved one? Death of a loved one can greatly affect your estate plan, especially if that loved one was an appointing agent such as an executor, trustee, or power of attorney. You will need to designate a new executor, trustee, or power of attorney as soon as possible.
5. Moving to Another State
Are you moving to a new state? Different states have different requirements. You will want to meet with an attorney to review your documents and make sure your estate plan meets the state requirements.
6. Changes in Tax Law
Tax laws change. It’s important to work with an estate planning attorney to understand how the new laws affect your estate plan and make any necessary changes.
7. An Increase or Decrease in Assets
Have you had big changes in your financial status? For example, receiving a large inheritance or acquiring a significant debt? If you have had either of these changes you will want to review your estate plan.
8. Business Changes
Have you started or closed a business? You may want to discuss a business succession plan with an attorney. You will want to update your estate plan when closing a business so that your assets are updated and so you can take advantage of potential tax benefits.
9. Disability
If your spouse, child, or family member becomes disabled you may need to make changes to your estate plan. You may want to add special needs planning for a child with special needs. If you are caring for an aging parent you may want your estate plan to make sure that care continues if something were to happen to you.
10. Passage of Time
As time passes your relationships may change. This may mean changes to who manages or benefits from your estate. You will want to update your documents accordingly.
If you have had even one of the above changes happen in your life, it may be time to update your estate plan. By keeping your estate plan updated you are able to guarantee that it is protecting your loved ones and carrying out your wishes.
Need to review or make updates to your estate plan? At NC Planning we will take the time to listen to you and your needs, and make suggestions on how your estate plan can best reflect your wishes. Contact us to get started today.
