Circumstances Requiring an Update to Your Estate Plan
If you have created an estate plan, you understand the importance of protecting your assets and those individuals you love. Nevertheless, estate plans may contain living documents that require periodic updates. There are several circumstances that should prompt you to change your estate planning documents, including:
- You got married. Any time your marital status changes, you will want to review your estate plan. When most people get married, they wish to include provisions for their significant other in their plan. This may include making a new spouse a beneficiary of your retirement plan or savings, or adding terms related to shared marital property.
- Your marriage ended through a divorce or death. The end of a marriage is always a trying time. It is in your best interest to work with an advisor who can counsel you on ways to update your estate planning documents accordingly. You may need to change beneficiaries, trustees or power of attorney agents.
- You purchased a home. Reviewing your estate plan can be one of the most essential aspects of buying a new home. Remember that your home is a major investment and asset. As such, it should be protected through a will or a trust. Updates should also be made if you decide to refinance your property.
- You adjusted your accounts. Whether you add or close a checking account, savings account, mutual fund or brokerage account, it’s important to revise your plan with any changes, including making new beneficiary designations.
- Your family grew. A change in parental status also requires an update to your estate plan. When a baby is born, a child is adopted or a stepchild enters into your family, you may wish to review your estate planning documents to make the child a beneficiary.
To learn more about effectively protecting your loved ones and your assets, consult the knowledgeable Tampa estate planning lawyers at BaumannKangas Estate Law.