As we all know, the situations in our lives are constantly changing and developing. The future you imagined for yourself five years ago is likely not the same as the present you are living in or the future you are anticipating today. That’s definitely not a bad thing — it’s just the nature of life! However, the ever-evolving nature of things does mean that it’s important to keep your estate plan updated to fit with your present intentions. Read below to learn about four situations in which you really need to review and update your estate plan.
- It has been 3 or more years since you last reviewed your estate plan with your attorney.
As a general rule, you should never let more than three years pass without reviewing your estate plan. In our experience, we have found that this is what it takes for you to be able to rest assured that you always have a plan in place that is relevant to your current needs and desires
- A new child, grandchild, or other descendent has been born.
When your family grows, estate planning probably isn’t the first thing on your mind. However, a new descendent is likely someone you would want to name as a benefactor. If you want to be able to provide support to this child after you pass away, this will need to be addressed in your estate plan. Time for an update!
- You get married.
Marriage is a beautiful declaration of love. Keep in mind that it is also an economic choice. As you tie your lives together in matrimony, you also link your finances. If either you or your future spouse have children from a previous relationship, you should definitely meet with an Estate planning attorney before you get married.
- A loved one passes away.
When you face the heartbreak of losing someone you hold dear, it can be difficult to think about anything else. However, if they were set to inherit any property from you after your own death, or if they were otherwise involved in your estate plan, their death means that you will need to review and update it.
If you find yourself in any of these situations, or if you don’t have an estate plan in place, you need to contact an experienced estate planning attorney. The ElDeiry & ElDeiry team is here to help. Give us a call at (954) 670-2800.
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