As someone who plans ahead, you created an estate plan ages ago. However, now you’re wondering if you should revise it with the help of an estate planning attorney.
If any of the following situations apply to you, then it’s time to revise your estate plan.
You Got Divorced
If you got divorced, you’ll likely want to take your spouse off as a beneficiary in your trust, retirement plan, and other benefits. Additionally, you’ll want to take them out of your will and remove them as power of attorney, if applicable.
You Got Remarried
If you got remarried, then you might want to add your new spouse as your beneficiary or put them in your will. Additionally, you may want to add your children to your estate plan and clarify that they receive your assets instead of your new spouse or stepchildren.
A Loved One Died
If a spouse or another beneficiary passed away, then you’ll want to take them out of your estate planning documents as well as potentially replace them with someone else.
You Assets or Income Dramatically Changed
Perhaps you recently came into a lot of money. Or, you might have lost a lot of money. Slight changes in your assets and income are not critical, but if you have a dramatic downswing or upswing, then you’ll want to revise your estate plan.
You Moved Out of State
Let’s say you just moved to Washington from another state. You’ll need to adhere to Washington’s estate planning laws. If you don’t change your estate plan now, you could have issues down the line.
Executors or Trustees Can’t Carry Out Duties
Your executors or trustees might not be able to fulfill their duties anymore. You don’t want to risk things going wrong with your estate plan, so it may be time to pick new people to take over these roles.
Your Views Changed
If your views on your medical situation changed, then you should update your estate plan. For example, maybe you didn’t want to be kept on life support before, but now you do. You are open to having a feeding tube put in now if you are unable to communicate your wishes. You can change your advance directive to reflect this change in your views.
Working With an Estate Planning Attorney
An estate planning will guide you through the process of revising your documents, like your trust, will, and advance directive. They will ensure that everything is done properly so that there aren’t problems later on. It’s never a good idea to try to DIY your estate planning – you aren’t trained in this, and it could lead to a whole host of issues. For example, your loved ones might fight or have to go through probate or other legal proceedings to work things out. This is costly and time-consuming. If you want to make sure your wishes are fulfilled and there aren’t going to be problems for your family, then you need to contact an experienced estate planning attorney.
Don’t wait to make the changes. You never know what the future holds. Contact a Washington estate planning attorney today for help.
Get In Touch With an Estate Planning Attorney
For help with 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.