When residents in Virginia like you create an estate plan, you may think that is all there is to it. But maintaining an estate plan is a long endeavor. You must ensure that it accurately reflects your life at any given stage in it.
To do this, you must modify your estate plan. There are many different points in your life when you can modify your plan. Which points in your life are right for you?
Life changes are good times to modify estate plans
Forbes takes a look at reasons to update your estate plan. Many coincide with major changes in your life. The top three categories are changes in family, changes in finances and changes in law.
Changes in family involve any addition or loss to your family. Losses may include death or divorce. Additions may include marriages or adoptions. You want to ensure that your loved ones get their share of your estate. You also want to ensure that you do not leave anyone listed that you wish to remove.
Making changes due to finances
Financial changes involve any loss or gain to your finances. Did you recently gain an inheritance? Did you win a lottery? If you come into big sums of money, you want to document that in your estate plan. The same goes for financial loss. Have you entered debt? Do you need to file for bankruptcy? Ensure that your estate plan reflects your current finances.
Changes in law cover instances where the law in city or state change. It also includes cases where you move to a different state or city. The laws that govern estates differ from place to place. They do not stay the same forever, either. Make sure you make your estate plan in accordance with local law to avoid any legal snafus.