3 Reasons to Update Your Estate Plan

Most people know that having a good estate plan is essential to their emergency planning. At some point everyone will pass away, which is why you should be prepared at all times. However, after you create your estate plan once it isn't finished. You will need to revise and attend to it as life changes. Here are some of the common reasons that you should meet with your lawyer to make changes to your plan.

1. A Marriage or Divorce

Whether it is your first, second, or third marriage, you should always talk to your estate-planning attorney when you have a change in marital status. In your estate plan there will be what is known as a power of attorney. This document will name a person who will care for you legally and medically if you are not able to. If you have recently been divorced you need to change this document so that you ex-spouse is no longer on it (if he or she was before). If you have been recently married you need to include your new spouse in the document. Second, as you divide up your estate you need to ensure that it accounts for the new marital arrangement. If you don't make these changes and then pass away, it could be messy for your family.

2. A Change in Employment or Wealth

If you have had a recent change in your employment or your overall wealth, you need to talk to an attorney. Many people choose to put together their estate plan while they are young and they don't have a lot of assets. But as you acquire more assets and wealth, it is important that you protect them. An estate planning attorney can help you to set up trusts, fund the trusts, get asset protection if needed, and much more.

In addition, you may want to allocate your resources differently if you have a more substantial amount. If you don't specifically say how you want your estate divided, the judge will determine it based off the state laws after you pass on.

3. Every Couple Years

Even if nothing in your life has changed significantly, you should revisit your estate plan every couple years or so.  Some people choose to review the plan annually to make sure that everything is that way that want it and their plan is current with the laws. If you haven't revisited your plan for some time, it is probably time to do it now.

By updating your plan as needed you can be sure your assets are protected. Contact an establishment like Great Plains Diversified Services Inc for professional help with your estate plan.