Most people do not have an estate plan and those that do often fail to keep it up to date. Here are nine signs indicating that now might be the time for you to update your estate plan.
1. You’ve Moved
Sometimes people move and forget to update their estate plan to include their new address. If you’ve recently moved, ensure your contact information is up to date. Besides, State laws vary, and your current estate plan may not be valid in your new state of residence. We can help you determine what needs to be updated.
2. You’ve Had a Baby
If you’ve had a baby or adopted one, you’ll want to add them to your estate plan. FIDE Law experts can help you add your loved ones as a beneficiary to your will and name them as a guardian if something happens to you.
3. You’ve Gotten Married
Marriage is a big life event that should be reflected in your estate plan. If you’re married, you may want to update your will to include your spouse and name them as a beneficiary or executor of your will.
4. You’ve Been Divorced
Life happens, and sometimes couples get divorced. You’ll want to update your estate plan if you’ve been divorced. This includes removing your ex-spouse as a beneficiary of your will and changing the executor if they were named in the original document.
5. You’ve Had a Change in Your Financial Situation
Economic changes can happen at any time. A change in your financial situation, whether an increase or decrease in income, can impact your estate plan. If you’ve experienced a change, we can help you determine how it affects your existing documents.
6. You’ve Lost a Beneficiary
If you’ve had a change in your family situation, such as a death, you may want to update your estate plan. Our team can help you make the appropriate changes to ensure that your assets are distributed the way you want.
7. You Have a New Asset
Most people don’t have the same assets throughout their life. As you acquire new assets, such as a house, car, or jewelry, you’ll want to update your estate plan to include them.
8. You Have New Debts or Liabilities
You may want to update your estate plan if you’ve acquired new debts or liabilities. This could include setting up a trust to protect your assets from creditors.
9. You Want to Make a Charitable Donation
Finally, in the event of your death, you might consider making a charitable donation. FIDE Law can help you set up a charity in your will so that your assets go to the causes you care about.
If you’re unsure whether you need to update your estate plan, it’s always best to contact an attorney. Our firm has experience helping clients in the Virginia, Maryland, and Washington D.C. areas with their estate planning needs. Contact FIDE Law today to learn more about our services.