The first time you drafted your estate may have taken a lot of work. But, in the end, it was worth it. However, estate planning is a lifelong process. In other words, you may need to consider making updates to your estate plans regularly.
One of the reasons some people update their estate plans is to include a spouse after marriage or remove them after a divorce. There are a lot more reasons to update an estate.
Here’s what you should know:
It’s been three to five years
People often update their estate plans every few years. It’s common for people to make large investments three to five years after they first make their estate plan. For example, buying a car, home or land, investing in stocks or starting a business are just some reasons to alter your estate plan.
You moved to a new state
Each state has different laws regarding estate planning. While your estate plan may have been fine where you once lived, you may need to make some changes now that you’ve moved to Pennsylvania.
You recently had a child
If you’re a new parent, then you’re likely focussed on your child’s future. You could alter your estate plan so that your child is cared for. For example, you could put funds in a trust for your child’s education.
You need someone to care for your health
People inevitably have health issues as they get older. You may plan for your future by updating your estate plan to include a power of attorney. A power of attorney can handle your financial and medical decisions on your behalf if you suffer a medical illness or injury in the future.
Updating an estate plan is more than instructing how your assets are handled. You may need to reach out for legal guidance as you discuss your options.
