Is it time to update your estate plan? A common misconception is that just because you created an estate plan years ago, it does not mean you can leave it and hope everything is still current when you pass away. Life changes should reflect changes in your estate plan.
6 Life Events That Trigger a Change to Your Estate Plan
Keep up with your family’s needs as your assets change, family members change, and other life events occur. You will never regret checking in on your estate plan regularly to keep up with your busy life.
- Marriage or Divorce: Adding a new person to your family through marriage, whether it be your own marriage or a child’s marriage, is an excellent reason to update your estate plan. Also, if you get divorced, you may want to plan someone out of the list of beneficiaries in your estate plan.
- Birth: If a birth in the family occurs, be sure to include them in your estate plan. There is no better way to say I love you than showing that you want to take care of your new family member once you pass away.
- Death: If your main beneficiary is your spouse and they pass away, your estate plan will need to change. Although it’s a sensitive time to be so practical and make changes, you should never delay updating your estate plan to accurately reflect your beneficiaries.
- Buying a House: When you purchase a new asset, be sure to add to your estate plan what to do with the new property. Perhaps you want the piece of real estate to be sold and distributed evenly, or you may want it held for a specific number of years. Your estate plan is where you can state your wishes.
- Selling a Business: If your business was included in the estate plan and you happen to sell it, you need to update your estate plan. Instead of passing on the business, you can list your profits as assets to pass down to your family members.
- Medical Condition: If you are diagnosed with a terminal disease, it’s crucial to check in on your estate plan and make sure your wishes have not changed over the years.
Do you need to update your estate plan? Shoup Legal is here to help. Give us a call at (951) 445-4114 or email email@example.com to get started or revise your plans.