Estate Planning is the process of working with an attorney to create a legally-binding plan for what will happen to your remaining property, belongings, and money after you pass away. Your Estate Plan isn’t just something you can “set and forget,” however. It is a living document. It reflects your life and your wishes, so it changes as your life does too.
Unfortunately, your Estate Plan does not automatically update after major life changes. Accordingly, it is important to work with an attorney to manually update it as soon as possible. Here are 4 times when you need to update your Estate Plan immediately:
After Getting Divorced
If you have recently gotten a divorce, it is time to remove your ex-spouse from your Estate Plan. While you might think that it is common sense that you no longer want to leave everything you own to someone you just divorced, that is exactly what will happen unless you manually update your Estate Plan.
After Welcoming a New Child into Your Family
If you have recently welcomed a new child into your family, whether through birth, adoption, foster care, or marriage: congratulations! Update your Estate Plan to include that child. This is especially important for step-children in blended families, who sometimes are not given the same treatment as biological children in probate court.
After Changing Careers
If your job situation has recently changed in a major way, it is a wise move to update your Estate Plan to reflect that. This applies to significant increases or decreases in salary, including losing your job. If you are completely changing career fields, it probably changes what is offered in your Estate Plan as well.
After Moving To a New State
Since probate works differently in every state, there are different requirements for Estate Plans in every state. If you have recently relocated to a new state, it is a good idea to see a local attorney and make sure that your Estate Plan can be updated to be valid in your new home.
Get the Help You Need
Your Estate Plan is personal to you, a reflection of your life and desires. As your life changes and grows, so too should your Estate Plan. For help with every step of your Estate Planning journey, contact McMahon Law Group today! At McMahon Law Group, we know that fear only holds you back – it never moves you forward.
McMahon Law Group
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