Creating an estate plan is among the most thoughtful things you can do for your loved ones. However, the most comprehensive estate plans are not static and your strategies for the future should change and evolve along with your situation. With life constantly presenting new opportunities and challenges, you never know what is going to be around the next corner. Our blog outlines four events which may be reasons to take another look at your estate plan.
- Marriage and divorce: Planning for your spouse’s future is often one of the central concerns of clients. Upon a new marriage, ensuring that your partner is correctly written into your estate can help to mitigate future problems down the road such as tax issues or asset disputes. On the other hand, if you do not want your ex-spouse to be included in your will, it is vital to remember to remove their name from all documents.
- The death of a loved one: The loss of a loved one can be difficult to comprehend and you may not be able to revisit the subject of their passing for a long while. However, when you are ready, these changes should be updated in your will, living trust, and powers of attorney. You will also need to name the beneficiaries for any assets which were inherited. When your spouse passes, you should make sure that another person is legally authorized to act in your place.
- A new family member is born: When a person becomes a parent or grandparent, they are often alerted to the importance of creating an estate plan, if they have not made one already. Issues of inheritance and legal guardianships are among the chief issues which should be given attention upon the birth of a child or grandchild.
- Significant financial changes: Between events such as losing a job, starting a new business, and purchasing real estate, your financial situation is sure to go through many changes in your lifetime. The total amount of debt and assets which are under your name can have huge tax implications and affect plans for inheritance. An experienced attorney can consult with you regarding any alterations which need to be made to your plan when your financial situation changes.
While this is far from a comprehensive list of the changes which can affect an estate plan, they are among the most common. The good news is that if you have already put an estate plan in place, the majority of the heavy lifting has already been done. Many changes which result from the situations above can be undertaken with relative ease once the main clauses have been laid out. Every situation is different and specific questions about probate or estate planning should be directed to an attorney.
Ready to Update Your Estate Plan? Call (281) 391-9237
Whether you are making changes to an existing plan or are just beginning to explore your legal options, the Adams Law Firm can provide you with the guidance you need to see that your legacy is protected. Our Katy estate planning attorneys have served the greater Houston area for more than three decades over which time they have built a reputation for exceptional client service. It is never too early or too late to plan for your future and when you are ready, our firm is here to help.
Contact us today and discuss your plans for the future with our attorneys.