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When Your Estate Plan Should Be Updated

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Your estate plan is an important tool because it determines what you will leave to your dear ones. As soon as you create it, you can be sure that your last wishes are honored. Make sure that this document is updated on a regular basis. There are different changes that may take place in your life. Contact a qualified Arizona estate planning attorney once you need to make certain adjustments. Look at the following situations:

  • New family members. You can have new kids and grandchildren, so that your trust or will should be updated to reflect their rights.
  • Losing your dear ones. You may lose your relatives, so that your estate plan should reflect this kind of loss. The same can be said for your executor, trustee, and some other people.an estate planning file folder
  • Getting married. If your beneficiaries want to marry, keep in mind that this step may have quite serious implications in terms of your estate plan. That’s why it should be updated to add new provisions.
  • Getting a divorce. When your beneficiaries get divorced, this situation has a certain impact on your estate plan. Make sure that your will is updated accordingly.
  • Having heirs in financial problems. It makes sense to revise this document if they have to face bankruptcy or other serious complications. This is how you will prevent credit companies from taking your hard-earned assets.
  • Starting a new business. Running it is one of the most beneficial endeavors in people’s life. However, you need to have a good plan in place. Take the necessary steps to ensure that your business will be passed to the right person.
  • Buying new assets. Your estate plan should reflect your latest belongings. You should talk to reliable estate planning lawyers to determine whether it is worth updating their portfolio.
  • Changes in local and federal laws. Contac your legal representative regularly to ensure that they won’t have an impact on your estate plan. Otherwise, you will have to adjust it.
  • Buying a new house. You need to do the same thing each time when investing money in real estate. That’s because only experienced lawyers can ensure that your new property will be addressed in your estate plan correctly.
  • General rules. Reviewing this document every two years is a wise idea. You will get a peace of mind, so let your lawyer check out your plan to see whether it should be altered for any reason.

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