Circumstances That Should Lead to You Updating Your Estate Plan
Every few years, it’s a good idea to go back and revisit your estate plan and make sure everything is up to date for your current life situation. There are some major life changes that should also prompt you to revisit and update your estate plan as needed.
Now, in the midst of a global pandemic, it is also an ideal time for you to analyze your estate plan and connect with your attorney if any changes need to be made. Here are a few examples of some occurrences that could give you good reason to update your plan.
- Changes to marital status: If you have been married, divorced or remarried since you last updated your estate plan, you should update all of your estate planning documents and beneficiary designations to reflect that change.
- New child: The birth or adoption of a new child or grandchild should be reflected in your estate plan.
- Real estate and high-value property: If you have purchased or sold any real estate, business or property or other valuable pieces of property, make sure to consider whether that change suggests that you revise your estate plan.
- Deaths: Any deaths in the family could affect your beneficiary designations.
- Desire to make changes: If you simply wish to make changes to the way your estate plan is structured, you should get in touch with your attorney.
- New laws: New laws influencing estate taxes or other estate planning issues may result in you needing to revise your estate plan.
For more information about when you should review and update your estate plan, contact an experienced Tampa estate planning lawyer at BaumannKangas Estate Law.