Top Reasons To Update Your Estate Plan - Client signs document regarding real estate activity next to lawyer or real estate agent sitting at office desk. Business concept of selling and buying house.

Top Reasons To Update Your Estate Plan 

Estate Planning Lawyer

Creating an estate plan in the first place can be difficult. You need to get all of your affairs in order, work with a lawyer, and sit down and take time to think about what you would like to happen when you pass away. While this can seem like a bleak process, it can give you and your family peace of mind knowing that everything is prepared for the future. Once you do this, you typically will not have to think about it for a while. However, some events can happen that require you to update your estate plan and ensure that it most accurately reflects your life right now.

Reasons That May Require You To Update Your Estate Plan

Here, you will find some of the biggest reasons you should update your estate plan. 

  • You got married. If you created your estate plan before you married, this will be one of the reasons you will want to update it. You will want to name your spouse as someone who inherits your property. While there are going to be state rules about how much of your property your spouse automatically gets, it can make the process easier and quicker to simply name them in your estate plan. 
  • You had a baby. Having a baby is one solid reason you will want to update your estate plan. In addition to potentially leaving them with money or property, you will want to ensure that you name someone as their guardian if you and their other parent are no longer alive to care for them. This can make you feel more comfortable knowing someone you love and trust is there if you are ever gone. 
  • You got a divorce. A lawyer, like a Bloomington, IL estate planning lawyer from a law firm like Pioletti Pioletti & Nichols knows that many people do not take the time to change their estate plans quickly after they get a divorce. While some states will revoke property that you leave to former spouses, others will not automatically do so after a divorce. This can become increasingly complicated so it is important that you meet up with your lawyer and update your will for who you want to get your property if and when you pass away. Make sure you work with your lawyer to get your estate plan to accurately reflect whatever agreements you have in place from your divorce settlement. 
  • You purchased property. If you purchased property like a business or a home, it is important that you update your estate plan to reflect this change. This can be especially helpful when you want your property to avoid going through the probate process and to be automatically transferred to someone else.
  • You recently moved. If you moved to another state, you will want to ensure that the estate plan you have in place accurately reflects the laws of that new state. Moving to a new state can change marital property rules, who you named as the executor of your estate, and even your healthcare directives. Speak with your lawyer about updating this quickly. 

When you need help updating your estate plan, reach out to a law firm you can trust today. 

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