Change in Marital StatusState in your plan who you specifically want to receive your belongings. If you have a change in marital status, be sure to update your estate plan as soon as possible. It's important to update your estate plan information whether you're recently married, getting remarried, or going through a divorce.
Birth of a ChildDon't forget about your estate plan as you welcome a new bundle of joy into the world. This can help protect your child or children, should something happen to you. An important piece of information in your estate plan is to designate guardians for your child if you and your spouse are not around. Ensure your wishes are carried out, especially when it comes to your children, by thoroughly updating your estate plan.
Increase or Decrease in AssetsFurther changes may be required to update your estate plan if you experience a change in your assets or income. This increase can actually leave your beneficiaries with more tax burden and possible estate administration fee. You can help to minimize the taxation by structuring your estate plan differently. A legal professional can help share options with you and advise you as the best option for your unique situation.
Passing of a BeneficiaryYour estate plan may be the last thing on your mind as a loved one passes. Don't forget to make changes to your plan should something happen to a person listed as a beneficiary on your estate. Keep in mind you can designate the portion intended for the beneficiary who passed to go on to his or her children.
Relocation to Another StateEvery state has a different set of estate laws. Many of them are consistent but minor changes may be required to execute your plan in a different state. Be sure to keep this document updated and follow any new changes in the law that may happen. Even if you are simply relocating to a new home in the same state, this property will need to be added to your plan while the old property will be removed.
Disability or IllnessYour care will need to be established in your estate plan, as well. Should an illness or disability incapacitate you or one of your beneficiaries, you will want to designate someone else to be in charge of that portion. State your desires on a regular basis, before a serious illness or disability renders you unable to do so.
An estate plan can help to make sure your wishes are carried out exactly how you intended them. It's an important document to have completed, no matter what your age. If you haven't established an estate plan for you and your family, take time to schedule an appointment with our Lake of the Ozarks law firm. We can help you create an estate plan to fit your wishes, should something happen to you.
The unexpected is the only thing you can expect in life. That's why planning ahead and keeping an estate plan updated on a regular basis is key. Protect your family and ensure your wishes are carried out when you make changes to your estate plan on an as-needed basis. If you're looking to make changes to your estate plan, contact Gibbons Law Firm today. We can help you amend your existing plan and ensure your current wishes are carried out.
Remember, your initial consultation with Gibbons Law Firm is always free.
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Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049