North Carolina residents with estate plans may be wondering what to do next. Some people believe that is that and they do not have to do anything else. But the reality is, you should update your estate plan every now and then.
Today we will look at reasons you should update your estate plan. The timing is often different for everyone. But the need to keep a plan up to date is universal.
Life changes and estate plan updates
Forbes discusses reasons to update your estate plan. Top among these reasons are major changes to your life. This includes changes to your finances or family. For example, let us say you come into more money. Maybe you inherit someone else’s assets. Maybe you buy into stocks or a business that is successful. Now let us say you lose money. You end up having to file bankruptcy or go into debt in some way. In either case, you want to ensure your estate plan addresses the proper amount of assets.
For familial changes, this often involves a shift in relatives or spouses. For example, you may want to update your plan if you divorce a partner. This ensures they do not get assets after your passing. If you marry, you want to include this person so they do get a share. The same goes for children either through birth or adoption.
Keeping an estate plan up to date with laws
Other reasons to update your plan stem from the simple passing of time. Over time, laws may change. You want your estate plan to reflect the most recent laws. In doing so, the state will consider it valid.
Knowing these factors, you can choose when to update your plan. That part is up to you and your discretion.