People get married, move to another state, and have babies every day. Yet few remember that life changes require estate plan revisions. If you have gone through a divorce or became a grandparent that means your beneficiaries have changed. If you pass away before your estate plan is revised, your ex may inherit your assets and may be given control over the trust for your children and grandchildren.
At Alloy Wealth, we work with fee-based attorneys to help you create an estate plan designed to protect your legacy and your wishes. After drafting and properly filing your documents, we will touch base from time to time to ensure your financial and legal documents continue to reflect your family and goals.
Purchasing real estate is considered a life change and a reason to revise your estate plan. When you die, any assets not included in your will could cause family disputes and increase legal fees. If you don’t add the new asset to your current trust, it won’t be protected by the trust’s provisions. Not to mention, any asset not included could be subject to probate and taxeddifferently.
If your Trustee, Financial Power of Attorney, or Healthcare Power of Attorney pass away, you need to have your estate plan revised. Otherwise, the court may assign a guardian to oversee your affairs in the event you become incapacitated. It’s obvious that by having an estate plan your intention is to make things easier for your family when you’re gone. Just remember to have your plan revised to reflect any life changes and your legacy and your family will be protected.