You already wrote up your estate plan, but now may be the time to revise it. Estate planning is not static – during different times of your life, you have to go back and change some things if your situation changes as well. Here are some reasons to consider revising your estate plan in Washington.
Your Marital Status Changed
If you got divorced and/or remarried, then it’s time to update your estate plan. Typically, you’ll want to change your beneficiaries by taking your spouse out. You may put your new spouse into your estate plan. Or, you might add information about only your children from your old marriage having access to your assets. If you were widowed, then you’ll also need to update your estate plan by removing your spouse, who has sadly passed on.
You Had Children
Whether you had your own children or you remarried and now have stepchildren, you’re going to have to decide who receives what assets when you pass. Additionally, parents of young children should always have a will. Then, they can indicate who they would want to become guardians of their children if they passed away.
You Decided to Leave Money to Charity
If you got involved with a charity and want to continue to support it after you’re gone, you could include it in your estate plan.
You’re Having Health Issues
You may be having issues with your health. It’s important to include an advance medical directive in your estate plan so that your loved ones will know what to do if you become incapacitated and can’t make decisions for yourself anymore. Or, if you are experiencing memory loss, now is the time to double-check your estate plan before it gets worse.
You Came Into A Lot of Money
You might have received an inheritance or made a lot of money another way. Now, you’ll have to decide what you want to do with it. By including the names of your loved ones in your estate plan, the money will go to the right people.
Your Relationships Have Changed
Let’s say you wanted to leave some of your assets to a friend, but they betrayed you or have shown you that they’re not there for you. Now, you don’t want them to receive anything once you’ve passed away. You can take them out of your estate plan. On the flip side, perhaps you reconciled with a friend or your child, and you want to leave them something. You can add them to your estate plan.
You Hired an Attorney
It’s never a good idea to try and DIY your way through your estate plan. If you do it wrong, you won’t know, and it could cause your family turmoil. You don’t want to do that. Instead, once you hire an estate planning attorney, you can go back and revise your estate plan so that everything is in order. You and your estate planning attorney can cover the essential elements like a trust, a will, an advance medical directive, and much more to decide which documents are right for you and your loved ones.
Get In Touch With an Estate Planning Attorney
If you want to revise your estate plan in Washington, you should reach out to the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Contact us at (509) 315-8087 today to get started.