Real Estate Law Misconceptions

Creating an estate plan is a vital step in life, especially if you have kids or assets. Once you create one, though, you might need to update it from time to time. Many people feel like once they have a plan, they will not need to do anything, but this is not the case. You might want to update your plan for many reasons, and here are some of the common reasons.

Your Assets Change

You might want to update your estate plan is when your assets change, which is a common reason for updating a plan. Did you inherit a lump of cash? Did you buy something new or sell something? You might experience changes in your assets every few years, and you should consider talking to your estate planning attorney when this happens. You can make the appropriate changes to your estate plan to reflect these changes.

Your Beneficiaries Change

Next, you might want to update your plan when your beneficiaries change. For example, if one of your beneficiaries died, you might not want to remove them from your plan. If you have another child or grandchild that you want to add to your plan, you can do that as needed. Additionally, if one of your beneficiaries changes their name, you should update their name on your plan. Anytime something changes with the people you want to give things to, you should call your lawyer.

Your Wishes Change

You might also experience a situation when your wishes change. For example, if you always wanted to be buried but now want cremation, you must indicate this change on your estate plan. If you do not make the change, your family must follow what the plan says when you die.

You Have Not Updated Your Plan in Over a Year

Finally, you might want to consider meeting with your estate planning attorney every few years if nothing significant changes in your life. By meeting with your lawyer regularly, you can make the updates you need to reflect any potential changes in your life. Your lawyer can ask questions to determine what changes you might need or to inform you of any estate planning tools you might want to use that you currently do not have in place.

As you see from reading this, you might need to update your estate plan occasionally. If you need to create one or update yours, contact a lawyer that specializes in estate planning services.