Reasons to Update Your Estate Plan

With the end of this year being right around the corner, it's time to start thinking about updating your estate plan. Our attorney in Raleigh NC talks about this subject at least twice a year. It's important to consider getting your information and life changes documented within your estate plan. Otherwise, you may pass in an untimely manner without the changes being reflected. This can cause issues in court and with your family or executor when the time comes.

Below, you'll find changes that can help you with knowing what might need to be changed or updated upon meeting with your attorney in Raleigh NC about estate planning.

Updating Your Estate Plan | Attorney in Raleigh NC

  • Net Worth - Those that acquire a new business, closed a business or had financial changes that significantly alter your overall livelihood.
  • Family Addition - Have you recently had a child or got married? if you have, it's time to reflect that in your estate plan. Even those that get divorced or have grandchildren need to update their plans ASAP.
  • Guardianship - If you have children that are under the age of 18, you should have chosen a guardian for them at some point. If the appointed person has changed, consider updating your estate plan to reflect that change, as well.
  • Healthcare - Do you have a healthcare power of attorney? Do you need to change the current appointed HPOA? If so, do this as quickly as possible, as you never know what might happen.
  • Tax Laws - It's difficult to keep up with the constant changing of tax laws. Because your estate is affected by the changes, be sure to follow up with your attorney in Raleigh NC any time you're notified of a change.
  • Trusts - Sometimes, we decide that are children are better off receiving their inheritance in smaller sums, instead of all at once. If you'd rather put stipulations or restrictions that lean toward living expenses, health or education only, you could do this at any point.

Making sure you update your estate plan regularly is important. Our attorney in Raleigh suggests doing so at least once a year to ensure you don't leave a life change out of estate planning accidentally.

Have you recently decided to plan your estate, but haven't formally documented anything? Don't hesitate to contact our attorney in Raleigh NC so that we can help you get everything documented and finalized within your estate. It’s never too early, or too late, to create your estate plan, but the sooner the better.

Our attorney in Raleigh NC is here to help you get your estate plan in order so that everything will be ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact us to get started estate planning, today.

Klish and Eldreth, PLLC

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our lawyer in Raleigh NC to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, we are here to help you with all your legal matters, whether it be divorce, child custody, trademarking, copyrighting, or DWI issues.

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