Life Changes...And So Should Your Estate Plan!

Making changes to an estate plan is not something that many people think about. Once a plan is created, it is typically left alone. This is not always for the best though. A number of factors in your life should have a direct impact on your estate plan. It's important to keep this document updated as often as possible to ensure what you want to happen is carried out, after your time on earth. If you have gone through some recent life changes, take the time to update your estate plan with our Lake of the Ozarks law office. We can help you make amendments to your plan. Below you can find examples of life changes that may occur in which you should make changes to your existing estate plan at the Lake of the Ozarks.

Change in Marital Status

State 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 Child

Don'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 Assets

Further 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 Beneficiary

Your 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 State

Every 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 Illness

Your 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

(573) 348-2211

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When You Should Update Your Estate Plan

As much as we often like to imagine that we are invincible, no one will live forever. At a certain point, hopefully once we are well into old age, we will pass away. When that happens, our earthly belongings won't be all that remain - our assets, our debts, and our financial responsibilities will also be left behind.

Building Your Estate Plan

Estate planning is the process of organizing your estate so that all aspects will receive appropriate care and attention after something happens to you. Since it is impossible to predict when something may happen, we encourage all adults to have an estate plan regardless of their age. Your estate planning needs may vary depending on your marital status, whether or not you have children, the number and financial value of your assets, debts, and belongings, and other factors.

Updating Your Estate Plan

Once your initial estate plan has been established, you may need to update it periodically to ensure that it reflects your current wishes. This week, our Lake of the Ozarks estate planning attorney is here to discuss when you should consider updating your estate plan.

Changing Marital Status

If you already have an estate plan in place, it is important that you update it when you get married. Though many of your belongings may be automatically transferred to your surviving spouse upon your death, it is best not to assume that this will always be the case. If you do not want your spouse to receive immediate access to some of your assets, it important to specify this in your estate plan as well. Since your desires will likely change in the event of a divorce, you will also want to remember to update your estate plan if your marriage should end.

Having Children
Raising children is a big responsibility. Food, shelter, clothes, guidance, support, companionship... your little ones will look to you for absolutely everything. If something happens to you, your children will need someone else to provide for their needs. So as to ensure that each child's needs will be met, we recommend updating your estate plan every time you have (or adopt) a new child. The most important aspect of this will be to appoint a replacement guardian for your children, but you can also use your estate plan to dictate how your assets should be divided among your children and at what age they should receive access to these assets.

Purchasing A Large Asset
If you have recently bought a home, boat, car, or other expensive asset, we recommend you update your estate plan to reflect this new possession. You can use your estate plan to identify whom should inherit this asset after you pass, but that will not be your plan's only purpose. Assuming that you financed your purchase, your estate plan will also fill the important role of specifying how any remaining debt on this belonging is to be repaid. 

Changing Financial Situations
The format your estate plan follows will depend on your overall financial situation. If you first built your estate plan when you were just starting out, you may want to update it once your career is well established and your income has increased. You may also want to consider updating your plan if you receive a significant influx of money from an outside source, such as inheritance or lottery. By the same token, a decrease in financial status may also be cause to update your estate plan. 

Contact Gibbons Law Firm For Estate Planning Assistance
Planning your estate is an important responsibility, and one that should not be overlooked. If you pass away without a proper estate plan in place, your assets may become tied up in probate for several months (or possibly even several years) before it can be passed on to your heirs. 

Whether you are building your estate plan for the first time or updating an existing plan, we hope you'll consider Gibbons Law Firm in Osage Beach when the time comes. Your initial consultation with our Lake of the Ozarks general practice law firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

4075 Osage Beach Parkway, Suite 300

Osage Beach, MO 65065

(573) 348-2211

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No attorney-client relationship is created by the publication of this blog.