202-955-4LAW (4529) DC
301-333-4LAW (4529) MD
703-548-4LAW (4529) VA
Free Consultation
To see our main site, please visit CohenAndCohen.net.

Knowing When to Update Your Estate Plan

The idea of creating an estate plan can feel like a cumbersome process. It’s something that will likely be weighing on you until you put forth the time and effort with an estate planning lawyer to complete the process. Because people’s lives are constantly influx, estate planning is not a one time document. It’s not something that you have the ability to create and leave until the time comes for it to take effect. Despite taking the time to develop your estate plan, it can all go to waste in the event that you have not taken the time to update it with any life changes that come your way. There are a number of situations that may warrant updating your estate plan, or revising it altogether, including:   Out of State Moves If you have moved out of state, there’s a chance that the tax laws may be different. Although a move can be incredibly time consuming, updating your estate plan once you have moved can help to ensure that your estate plan is valid and in accordance with state laws.    Marriage If you are recently married, you will want to update your estate plan to include your new partner. This can help to ensure that your spouse is protected in the event of your passing.    Divorce If your marriage has ended, you surely will want to update your estate plan for a number of reasons. It’s likely that you will not want your ex spouse to inherit all of your assets in the event that your estate plan was prepared jointly. Much of the time, each spouse may identify their partner in advanced medical directives and as power of attorney. The last thing you may want is for your ex to be left to make decisions over your healthcare and finances in the event you become incapacitated and are no longer able to make decisions for yourself.    Children The birth or adoption of children should always trigger an updated estate plan. If you have young children, it’s important that your estate plan includes a plan for their care, such as an appointed guardian and a plan for how assets will be inherited. Additionally, the birth of grandchildren may also warrant updating your estate plan to include them.   Your Assets Change Over time, your wealth may change. As you age, you may incur more...
read more

Copyright @ 2024. All Rights Reserved.