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Should you update your estate plan?

On Behalf of | Mar 12, 2020 | Estate Planning |

Residents of North Carolina like you take time and care to make your estate plan. You ensure that it suits your needs and wants in the current moment. But what about the future? What if you come across a time where your current estate plan no longer suits your needs?

What life changes facilitate estate plan modifications?

Forbes breaks down different reasons why you should update your estate plan. Most of them revolve around big life changes. For example, let us say you move to a different county, state or even country. The laws governing estate plans may change. You will want to know what they are to ensure your estate plan is valid. Even if you do not move, you should check your local laws every now and then to ensure they are still in place.

How does your family structure affect your plans?

Changes to family structures are another top reason to make changes. If you divorce from a spouse, you likely do not want them to gain anything from your estate. Likewise, if you marry a new spouse, you will want to make sure they get something from your estate plan. Other examples include if you discover that a dependent has a disability and needs care if you pass.

Financial changes should prompt estate plan updates, too. If you come into money through inheritance or otherwise, you will want to distribute it among your loved ones. If you lose money, you will also want to ensure your estate plan is not giving away things you no longer have. You do not have to wait for a specific time to enact these changes, but they are good starting points.