At Legacy Planning & Probate, we pride ourselves on working closely with our clients to discover their specific goals, so that we can make challenging topics simple, straightforward, and educational. Occasionally, these goals change as certain life events occur. We strive to create an estate plan that protects your legacy and holds true throughout various chapters of your life.
In the spirit of “spring cleaning” we urge you to decide if you’ve experienced an event that necessitates the re-evaluation of your existing estate plan. There are several areas to consider regarding the overall effectiveness of an existing estate plan.
Though the following list is not comprehensive, we urge you to use this is as a checklist to ensure your legacy is the most up-to-date:
Change of state of residence
Purchase of real property located outside of your state of residence
Your marriage or divorce
Marriage or divorce of a family member
Death or disability of a family member
You’re experiencing a health problem or new disability
New addition to your family by birth or adoption
Significant change in the value of your estate
Receipt of inheritance or large gift.
Retirement or major change in employment
Incorporation or partnership formation that is a major change in the manner of asset ownership or business interests
Death of your nominated Personal Representative, Trustee or Guardian, or any successor.
Desire to change your nominated Personal Representative, Trustee, or Guardian, or any successor.
Additionally, laws may change affecting the existing estate plan. You may also experience changes to your life insurance or employee benefits. If you make any beneficiary changes in the policies you already own (or ownership or insurance changes), it is extremely important that the changes be consistent with your estate plan.
If any of these changes occur after you have executed your estate planning documents, please contact our office so that together we may review your existing plan and advise you concerning any necessary or suggested changes. Similarly, many of these events act as catalysts for the formation of an estate plan. If this resonates with you, please contact our office for your complimentary consultation, so we may assist you in “Planning for tomorrow, today”!
Special thanks to a fellow estate planning attorney for some humor regarding estate plan life circumstance changes.
