Estate Planning | Staying on Top of Estate Planning Issues
Estate Planning | Estate planning is completecomprehensive. But as time passes, there may be many life changes that necessitate some alterations in the original plan. Staying on top of those changes guarantees that loved ones will be provided for in the best possible way.
Marriage is an event that will bring about multiple chances to make changes in the estate plan. A spouse can be added as a beneficiary on insurance and accounts, be included in a will or trust, and be added as an owner to any real estate. It might also be advisable to add a spouse as a healthcare surrogate on a living will.
Adding children to the family provides another opportunity to review estate planning and make changes. A will can be amended to add the children as beneficiaries and provide a guardian for the minor children in case of the death of a parent. A trust can also provide support for minor children in the event of a death.
Life insurance amounts might need an increase to provide coverage for a spouse and minor children. Other insurance coverage could need an increase or decrease depending on the assets that need covered in case of an accident.
Other life events might mean the size of the family decreases. For example, in the case of divorce, the ex-spouse should be removed as the beneficiary of insurance and other accounts, removed from a will and trust, and taken off of real property ownership. Changing these items should not be completed until the divorce is complete or a family law judge orders the same.
As life changes happen, changes to an estate plan need to happen in order to be sure that assets and a family’s best interests are protected. It is advisable to consult with an elder law attorney before making any changes to an estate plan.
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