Most people realize that an estate plan should be revised and updated throughout the various stages of a person’s life. A recent article discusses what changes should be made based on different changes in a person’s circumstances.
Your Financial Status Has Changed
If your income or property has increased or decreased dramatically, your estate plan should be adjusted to reflect that change. You may have to plan to avoid taxes that you wouldn’t have otherwise faced. Moreover, it may be financially effective to consider setting up a trust to guide the distribution of assets.
You Have Moved to Another State
The laws of the state you reside in when you die will govern your estate plan. Therefore, if you draft a will in one state, then move to another, it would be a good idea to sit down with an estate planner in the new state and go over your plan.
Your Children and Grandchildren Have Changing Needs
You may also decide to update and change your will based on the changing needs of your children and grandchildren. You may wish to create a trust to hold your child’s inheritance so that it only pays for education expenses. Moreover, your children or grandchildren may develop medical conditions that require you to provide money for them now, rather than later.
