They say that one thing leads to another, and this is certainly true when you are engaged in the process of estate planning. Indeed, the word “process” is something to absorb because being optimally prepared at all times is an ongoing endeavor.
With this in mind, let’s take a look at the top three reasons to update your estate plan.
Marriage, Divorce & Remarriage
An update to your estate plan is going to be a natural accompaniment to any change in marital status. In fact, you may want to discuss the legal ramifications of your decisions before you take any action rather than doing so after the fact.
Family Subtractions & Additions
When you have someone new join the family you are probably going to want to make sure that you make the appropriate provisions. And on the other side of the coin, if and when people who you have included pass away adjustments will be necessary as well.
Significant Financial Gains
If you are fortunate enough to accumulate significant financial resources over time you may have a new set of circumstances to address. This could include estate tax exposure and/or the need to implement asset protection strategies.
The wise course of action is to develop an ongoing working relationship with a good South Carolina estate planning lawyer who can gain an understanding of your situation over time and be at the ready to recommend the appropriate adjustments. To get started, simply take a moment to arrange for a consultation.