7 Reasons to Update Your Estate Plan
You and your Saint George Estate Planner have come up with an outstanding plan for you. Congratulations! You are already ahead of the mainstream of the population. Remember, even though the hard part is over, there is maintenance that you and your estate planning attorney will want to do now and again. Your life and circumstances are expected to vary over the years, as well as you will want your estate plan to be adjusted consequently.
1#You Got Married
While a spouse often inherits by default, there are many other considerations to take into account. As a bonus, your Saint George estate planner will possibly have excellent suggestions on how to adjust your plan to save your spouse taxes as well as other time and money concerns after dealing with your estate.
2# You Got Divorced
Whether you do not want your ex-spouse to get your properties after your death, be sure the ex’s name is removed as a beneficiary of accounts and policies, removed from trusts, removed from the will, and so on. Contact your estate planning attorney to ensure you don’t forget anything and to make the process easier for you.
3# You Have Been Widowed
If one spouse dies, the other spouse will require to update their estate plan to imitate that variation. Not only will your beneficiaries variation, but also you may have an inheritance from your spouse that must now be incorporated into your Saint George estate plan.
4# You Had a Child or a Grandchild
The birth or adoption of a new member of your family means that aspects of your estate plan might need to be altered to accommodate new requirements. For instance, you may want to establish a trust or create a college fund. Additionally, it is critical that your estate planning attorney prepare the legal guardianship documents to govern who will care for your child in the event that you are unable to do so yourself.
5# Your Financial Situation Has Changed
When you have received some type of windfall, gained a significant increase in your salary, or lost your job, it is important to review your succession plan to determine whether you are contemplating these changes. Otherwise, you will need your estate planning attorney to adjust it properly.
6# You Have Bought Real Estate
A house usually represents a person’s most important life investment, as well as you want to make sure you cover it in your estate plan. From how to pay whom you want to quit and a lot in between, a Saint George Estate Planning Attorney will help you incorporate this big variation into your existing estate plan. for more about Estate Planning visit at: https://www.estateplanningutah.com
7# You Started or Ended a Business
Starting or ending a business justifies a trip to the estate planning attorney’s office for many reasons, among which it will undoubtedly have some kind of effect on your fiscal situation. Succession planning is one more important aspect of running a business because you will want to openly describe what will happen to the business if you pass away or become incapacitated for some other reason. Now a little legal stuff will save you a lot of headaches later. click here to learn more about wills
Of course, there are other events that should probably prompt a call or visit with your Saint George Estate Planner, but these are some of the most important. Luckily, once the important estate planning is completed, these types of updates will generally be easy, while benefiting you and your heirs greatly at the same time.