Estate planning is all the processes and wishes, written and unwritten that serve as a guide on how a person’s estate will be divided/governed in the event of incapacitation or death. Very often many people delay estate planning until they feel sure that death is near, which should not be the case. In the very unpredictable world, we live in, estate planning is invaluable especially if you have an estate, large or small, or have dependents.
If you have an estate plan, the norm is to forget about it until it needs to be read. This is a myth. All estate plans should be reviewed at least every three years. This is because of a lot of changes in the space of three years. Here are a couple more reasons why you may need to update your estate plan.
When Your Assets Change
Anytime you lose or gain assets is a good time to update your estate plan. This is because the taxes due may vary or your dependents may be penalized for the failure to declare.
- When There Is A Change in Your Relationships
Relationships such as marriage may change or end in the course of life, regularly updating your plan ensures you remove or retain and even include any new or old spouses.
Major life change
Death is an eventuality for all of us. If any of your dependents named in the will dies or is incapacitated, be sure to update that into your will.
If You Change States
Different states have different laws regarding trusts and estate plans. It is important that you call us, your lawyers if you move states in order for us to guide you according to the specific laws of that state.
Documents that may need to be updated
- Wills
- Trusts
- Life insurance
- Power of attorneys
Don’t have an estate plan? Call us at the offices of Kenneth J Nota today to get started.