When Should You Update Your Estate Plan?
Having a complete estate plan is one of the best ways to secure your family’s future. However, most people believe you can “set it and forget it” with estate planning. This is completely wrong! Your life changes, and your plan should reflect those changes. In fact, you should review your estate plan every year to see if you need to make changes. Obviously, not all life events affect your estate plan.
Here are some that do:
You Get Married
When you get married, estate planning probably is the last thing on your mind. However, it should be one of the first things you consider as a married couple when you get back from the honeymoon. The last thing you want is for an estate plan that you made years ago to prevent your spouse from getting your assets when you pass.
You Have A Kid
Most lawyers that do estate planning in North Carolina create Wills that allow for you to have more children without needing to update your Will. However, even if you do not need to update your Will, it is likely that you need to update your complete estate plan to make sure your new little one is taken care of when you pass.
You Move to a New State
Moving to a new state can be fun and exciting! When it comes to your estate plan, most states (including North Carolina) allow Wills and Powers of Attorney created in other states to be valid in your new state. Sometimes though the current Will has provisions in it that are not necessary in North Carolina and may even make it harder on your loved ones to carry out your wishes. That is why I recommend always having your estate plan looked over by a North Carolina estate attorney to make sure your current documents will achieve your desired results in North Carolina.
Your Wealth Changes Significantly
As you move through life you tend to accumulate more wealth. A complete estate plan takes additional wealth into consideration when it is created. However, sometimes you get a lot wealthier than you believed you could. You may receive an inheritance or win the lottery. Maybe your investments do really well or your business takes off. No matter the reason, making sure to update your estate plan to account for your new wealth is important to avoid estate taxes, larger probate fees, and potentially higher attorneys fees on the back end.
Your life changes, and your estate plan should change with it. While you may not need to change it often, reviewing it annually with a North Carolina estate planning attorney will make sure your plan reflects your wishes. Having a complete plan that you know will carry out your wishes allows you to have confidence in your family’s future!
If it is time to review your complete estate plan or you need to create one, I can help you create a plan that gives you confidence in your family’s future! Reach out to me at LawofZACooper.com/Contact!