Estate Plan Changes
If they make an estate plan, many people do it when they start a family. Estate Plan Changes – while creating an estate plan is a good idea; many people fail to update it despite major life events.
This can put your money and assets in costly probate or the wrong hands. Nine life decisions or occurrences should prompt you to update or create an estate plan to avoid these complications and ensure your intentions are carried out after your death or incapacity. Estate plans should include major life decisions.
Important Life Decisions
There are several important life decisions that you should factor into your estate plan. They include:
Estate planning is simple. Update beneficiary information, buy a life insurance policy, and update emergency contact information immediately. Prepare a will and a living will. Consider a revocable trust as your marriage progresses. Discussing with your spouse how you want your estate managed in different scenarios is also vital.
Many couples divorce without planning. Divorce can be daunting emotionally and legally. Divorce often overshadows estate planning, with unforeseen implications. After your divorce is official, update your estate plan to prevent your ex from inheriting your house, life insurance, or other assets.
Buying Life Insurance:
While included in most estate plans and provides liquidity, education-expense coverage, and financial support for your family. List and update policy beneficiaries.
Buying a New Home:
Always title real estate properly when buying or refinancing. Your title should support your ambitions. During a refinance, a lender may remove a trust property.
Having a Child:
Adding a child to your family is joyful, but you should still update your estate plan. New children require big estate plan changes. This determines who will inherit your wealth and who will raise your children if you die before they turn 18. Your estate plan may evolve as your child matures and other children are born.
Starting a Business:
You must understand how starting a business or changing ownership affects your estate strategy. Without planning, your heirs may face tax consequences.
Death of a Loved One:
Estate planning often overlooks a loved one’s death. Leaving the role vacant might have catastrophic unexpected consequences and requires immediately replacing your loved one’s role with a fresh person. These people may be guardians, inheritors, emergency contacts, or estate executors.
Moving to Another State or Country:
Review your estate plan to ensure it meets local regulations when you move. Moving abroad is similar. If you own property in multiple states or countries, your estate plan and appropriate law must be followed to divide those assets.
Change in Work Benefits:
Promotions, demotions, or company benefit changes can affect your assets. Check your estate plan to see whether you can achieve your goals.
Estate Planning Advice
Because life changes, life stage planning is crucial. Contact us if you have estate planning questions or recently made a huge decision. Contact Hudack Law today at (877) 314-4309 Toll-free, please visit areas of service (open link in a new tab) or hudacklaw.com (open link in a new tab).