Estate Planning And Probate
Estate Planning And Probate Attorney Joseph Hudack say that if someone creates an estate plan throughout their lifetime, it’s common for them to do so after they begin a family. Estate Plan Updates: Although creating an estate plan is a good idea, many people don’t make many changes to it after it’s done, even if important life events continue to occur over time.
This is a serious error that may land your possessions and hard-earned money in expensive probate in the wrong hands. The nine life decisions or events listed below should prompt you to update — or create — your estate plan as soon as possible so that you avoid these problems and your wishes are carried out in the case of your death or incapacity.
Life’s Major Choices
You should consider a number of significant life decisions when creating your estate plan.
You should immediately update your beneficiary information, buy a life insurance policy, and change your emergency contact information, among other things. Also, you want to think about creating a living will and a will. A revocable trust might also make sense to take into account as your marriage develops. It’s also crucial to have conversations with your spouse about how you want your estate to be handled under various circumstances.
The emotional cost and intricate legal issues associated with divorce can be too much for some people. Estate preparation is sometimes overshadowed by divorce, which has unforeseen implications. If you want to prevent your ex from inheriting your home, life insurance proceeds, or other assets, make sure to update your estate plan as soon as your divorce is official.
Purchasing life insurance:
List every beneficiary covered by the policy, and be sure to update the list as necessary.
Purchasing a New Home:
If you use a trust, sometimes a lender will remove a property from a trust during a refinance. Make sure your title advances your objectives in order to succeed.
Having a Child:
Major changes to your estate plan are required when you have a new child. This not only influences who will receive your assets upon your passing, but it also forces you to choose a guardian for your children in the event that you pass away before they are of legal age. Your estate plan will probably vary as your child develops and matures and as more children are born.
Establishing a Business:
Furthermore, without adequate advance planning, there might be tax consequences that your successors would have to deal with.
Death of a Loved One:
These people might be nominated as executors of your estate, guardians of your children, beneficiaries of an inheritance, emergency contacts, or emergency contacts alone. Keeping the position open might have severe unintended consequences, thus it’s imperative to transfer new persons into the position as soon as possible to fill the gap left by the passing of your loved one.
Moving to Another State or Country:
The same is true if you relocate to a different nation. Similarly, specific consideration must be given to how your assets will be dispersed in accordance with your estate plan and applicable law if you own property in more than one state or country.
Change in Work Benefits:
Whether your objectives are still attainable or if you can accomplish more with what you already have, take a look at your estate plan.
Guidance on Estate Planning And Probate
Because your circumstances will undoubtedly change over the years, it is crucial to plan according to your life phases. Contact us to learn more about your options if you have any questions regarding estate planning or if you just faced a significant decision in your life. Call Hudack Law at (877) 314-4309 right away. For more information, please visit areas of service (open link in new tab) or Hudack Law Estate Planning Attorney for toll-free inquiries (open link in new tab). We proudly serve California and Arizona; please call the Arizona line at (602) 777-7882.