Keep Your Estate Plan Up-to-Date
Life is busy and always changing, which is why it is so important to review your estate plan every few years. Maintenance keeps your plan up to date as you continue to go through life and significant changes occur. Already having a plan in place does not mean everything is complete and done forever.
If you have children or grandchildren after your plan was made, and you want them protected, your plan needs to be updated to accommodate for them. If your relationship with a child becomes strained you may want to change what they inherit. Or if a child experiences a personal hardship, you may want to add protective provisions to their inheritance so it doesn’t go to their creditors, out-laws, or to support their vice of choice. Getting married or divorced may affect who you wish to be your Financial or Health Care Power of Attorneys, or who the beneficiary of your plan ultimately is. A death in the family may lead to acquiring more assets through inheritance or, again, affecting who plays a role in your plan. Even if major life changes have not occurred since you made your plan, updating your assets is important as well. This would include closing or opening accounts, or the selling or purchasing property. Finally, what if the laws change? Does your plan reflect the current laws in effect?
To start updating your existing estate plan with a complimentary initial consultation, please contact our office at (248) 409-0265.