I wanted to address a few things with your. There a few reasons why you need to review your estate plan. It’s a question I get often, “When is it time for me to review my estate plan?”. Obviously, I’m assuming right away that you have an estate plan already. If you don’t, go ahead and listen to this list so that you can see the many reasons why you should have an estate plan in place.
Change in Marital Status
One reason could be that you have a change in your marital status, you might get married or you might get a divorce. Another reason to update your estate plan is if your spouse dies or becomes incapacitated. That’s a good reason to go ahead and check where your estate plan lies. There may be things that need to be done to make sure that that your incapacitated spouse is taken care of or if your health changes and if you become incapacitated, it may be a good time to go ahead and review and check the estate plan.
Next are children and grandchildren. These are these are people in our lives, some of whom may be our beneficiaries. There could be changes that have to do with them that we need to keep in mind and be ready to address. You may have another child or you may adopt a child or your child may get married. Now you’ve got different things to look at. You may get a grandchild or your child may get a divorce. There may be things you can do to help them or protect them moving forward if they get divorced. So those are some key things to think about.
Illness or Economic Changes
Also, if your child becomes ill, you may need to take steps to help them not lose their benefits. If one of your beneficiaries experiences an economic change, it could be good or bad. If they show you that they’re financially irresponsible or if they have “the illness” where money burns through their hands and they have to spend it so that it doesn’t hurt them, you may want to go ahead and provide for them to protect them from themselves. Another important category is changes in your economic condition. So the value of your assets may increase or decrease. If you have an increase, there may be taxes that we need to look at. If it decreases, we may need to look for ways to preserve the assets. Next is your insurability. If your ability to get life insurance changes because of an illness, you may you may want to go ahead and work on your estate plan. There are different options that we can take when we’re looking at a situation where a life insurance isn’t a viable option, your employment may change, you might lose your job, you might get a promotion. You want to make sure that they are included when updating your estate plan. Your business interest may change. You may get involved with a new business opportunity and you may get a partnership going. You may invest in real estate or you might start a new business. Those are things that are important to go ahead and review when updating your estate plan.
Another thing to consider is sometimes beneficiaries can change their attitude towards you or if they are not living in a way you would you approve of, or if they just are ignoring you or you’re estranged. You have every right to make changes to your estate plan to make sure all is taken care of and you can focus your your attention on the people who are caring about you.
If you retire from your business or you’re planning to retire from your business or your occupation, that’s a great time to review your estate plan so that you can make sure that your plan meets your stage in life. If you move to a different state or if you’re coming in from a different state. I’m in Texas. The laws are slightly different from state to state, especially when it comes to what makes a valid will. So it’s important to have your will reviewed in the state that you’re in to make sure it’s going to comply with the rules of that state and that it’s going to be able to do what you intend for it to do.
And lastly, there can be changes in the people you name for these different jobs. The executor you’ve named in the will might pass away. They might get sick. They might move to another state. You might unfriend them from Facebook. So those are things that you need to look at with your executor, with your personal representatives, your trustees, your power of attorney, the person who you’ve selected to be the guardian of your minor children, the person whom you selected to be your guardian in the event there’s a later need.
These are a lot of things to consider, especially in these times. There are a lot of things that are up in the air. There’s a lot of changes that we’re experiencing in life. It’s important to make sure that we review our estate plan if we have one. We want to make sure we’re taking care of what happens if we die and what happens if we don’t die?
Give us an opportunity to review your estate plan with you. To talk through what your estate plan says now. And make sure it’s still what you want. Make sure it’s still what you thought it said when you created your estate plan. I’ll be happy to sit with you. We can meet in person. We can meet by Zoom. We can do a telephone conference. We’re very flexible in ways to meet our clients. Our number one goal is for our clients to have the plan that they want that is going to carry out their wishes in an efficient and timely manner. And I look forward to being of service to you. Contact us today.