While Jurassic World may be a big hit at the box office, your estate plan won’t be a hit if it was created millions of year ago. As we all know, life is constantly evolving…people get married, buy houses, have children, get divorced and become “extinct.” During all of these changes it is important to be certain that your estate plan is updated.
The following are just some examples of when to update your estate plan and why:
Whether it is your first marriage or any subsequent marriage, it is imperative that you update your estate plan. A spouse does not automatically become your beneficiary. In fact, your spouse may only get ½ of the estate or end up accidentally disinherited completely.
If you don’t have someone named in your Will to act as your child’s guardian, the court will appoint one for you. Do you really want the court to make such a vital decision?
Additionally, setting up a revocable or irrevocable trust will set aside assets so that your children may be cared for throughout their lifetime.
Perhaps after years of marriage you have discovered your ex-spouse is akin to a velociraptor. Contact your estate-planning attorney immediately. It is likely your spouse is named within your plan as a power of attorney and health care surrogate. You’ll want to have that changed. Additionally, you may have him or her as a beneficiary of a trust, retirement plan or insurance policy.
Increase or Decrease in Assets
As your estate grows, you may want to update your plan so it reduces your estate taxes. Depending on the growth or decline of your assets, your plan should reflect that.
Your power of attorney or trustee is unable to serve.
It has been over five years.
You moved to another state.
Federal or state estate tax laws changed.
The list goes on and on….
If you are wondering whether you need to update your estate plan, contact Michael Wild for a free consultation. He will take a look and let you know if the process is necessary.
Contact us at 954-944-2855 or at www.wfplaw.com
It’s a Wild world. Are you protected?