You know how important it is to create an estate plan before it’s too late. However, you aren’t sure when you should revise it, if necessary.
By staying on top of your estate plan and revising it at certain times, you will ensure that it’s just the way you want it to be. Here are the times when you should look into modifying it.
When Changing Beneficiary Designations
When you want to change your beneficiary designations, you’ll have to update your estate plan. Let’s say you’re getting married and you want to make sure that your assets go to your children, and not your new spouse’s children. Or, if your spouse recently passed away, you want to name your child as a beneficiary designation to take their place. If you got divorced, then you may want to make the same change as well.
When You Move Across State Lines
Different states have various laws on estate planning. Whether you’re moving your primary home to a new state or you’re purchasing a vacation home in another state, you should reach out to your estate planning attorney for help.
When Your Assets Increase or Decrease
If you recently acquired new assets, such as an inheritance, or you lost assets, such as investment properties, then you’ll need to go in and update your estate plan to reflect these changes.
When Relationships Change
You may have had a good relationship with one of your heirs, but now that relationship has become contentious. Or, perhaps you’ve become very close with another family member and you want to include them in your estate plan. If your relationships change at all, you might want to modify your plan.
Contacting an Estate Planning Attorney
If you want to revise your estate plan, then contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.
