Top Life Events that Should Prompt You to Think About an Estate Planning Review

So you’ve got your will written and your plans in place do you? You’ve taken the proper steps to make sure that your family and your estate is protected should the unexpected happen or for when the inevitable actually occurs? But when was the last time you’ve taken a look at your estate plan and the legal documents involved? Any change in financial or personal situations should spur you to update your plan to match your new circumstances. Best practices dictate a periodic (at least bi-annual) review, but these major life events should also instigate an update:

  • A change in marital status. Whether you’ve gotten married or have experienced a divorce or the death of your spouse, a change in marital status should prompt a change in insurance beneficiaries, trustees and a change in Powers of Attorney.
  • The purchase or refinancing of real estate. Double check to make sure that any property that you are purchasing or refinancing is title properly as part of your estate plan. If you have a living trust, your estate planning lawyer in Raleigh will be able to transfer the properties to the trust.
  • Changes regarding offspring. Adding a new child to your guardianship, whether through birth, adoption, guardianship or the blending of families, should prompt the need to review and update your estate planning documents to include inheritance provisions and the naming of guardians should you pass away.
  • An adjustment in finances. Beneficiary designation and ownership of new or altered savings accounts, mutual funds and other assets should be reviewed in relation to your estate plan. Particularly if you have a revocable living trust, it’s important to title these assets properly to make transferring those accounts to the proper beneficiaries as seamless as possible.

As estate planners in Raleigh, we work with our clients through every life event, helping to guide them through the processes of planning, preparing and administering their estates. Prepare for life’s unexpected by reviewing your estate plan on a routine basis. Call us today at 919-825-1518 to review your estate plan.