They say that the only constant is change, and this is something to keep in mind when you consider the estate planning process.
It is wise to put a plan in place as soon as you are a responsible adult with other people depending on you. Over the years, life will change, and the original estate plan will invariably come become outdated. Let’s look at some of the events that can take place that would trigger the need for an estate plan update.
Additions to the Family
We are providing a general overview, but we know that families usually do not fall into a neat and tidy conventional definitions. This in and of itself is useful to remember when you consider the possibility that your estate plan may require adjustments from time to time.
That being said, married couples often have children. Additions to the family can have estate planning implications on a few different levels.
There is the obvious practical matter of including the new child. And there is also the fact that people often take a step back and consider the bigger picture when these events take place.
You may know that you should adjust your estate plan for other reasons, and the big change can push you in the right direction.
Unfortunately, as the years pass, you may also lose family members along the way. In particular, you may have an executor, trustee, guardian, or some other person involved in your estate plan that is no longer around to assume the designated role.
Divorce and Remarriage
Unfortunately, a very significant percentage of first marriages end in divorce. If this were to happen to you or a loved one, an estate plan review would be in order. This is pretty obvious, but people often procrastinate, and this is risky because you never know what the future holds.
The majority of people who get divorced eventually remarry, and these situations can present estate planning challenges, especially if you have children from your previous marriage. There are solutions to address these challenges, and it is important to discuss them with an estate planning attorney.
Change in Financial Status
As time goes on, you may experience a significant change in your financial status. This can impact your existing estate plan in several different ways. There are so many possible situations that we cannot look into all of them here.
Generally speaking, when you are in a completely different financial position than you were when the plan was put into place, action is required. You should definitely sit down with your estate planning attorney to review the existing document.
Attend a Free Webinar
We have always conducted seminars to share important estate planning and elder law information with members of the communities we serve. The pandemic hasn’t gone anywhere so we continue to make adjustments to keep everyone safe.
Fortunately, technology is our friend during these difficult times. When it comes to the information sharing sessions, we have transitioned to webinars. In some ways, this is preferable because you don’t have to go anywhere to obtain this very useful information.
There is never any charge for our webinars or seminars, but we do ask that you register in advance so that we know how many people to expect. You can visit our seminar/webinar page to check out the dates and obtain registration information.
We Are Here to Help!
If you are ready to schedule an estate plan review, or if you would like to put an initial estate plan in place, we would be more than glad to help. You can schedule a consultation in Charlotte, North Carolina or Huntersville, North Carolina if you call us at 704-944-3245.
The number in Ashland, Kentucky is 606-324-5516; and the number in Florence, Kentucky is 859-372-6655. There is also a contact form on this website you can use if you would prefer to send us a message through the Internet.