Times are changing. The world is changing. Given the current events and what may be considered our “new normal,” we understand that individuals and families may be re-evaluating everything from retirement plans to routine monthly expenses. But, do you have a solid estate plan? Our Branson elder lawyer knows that a lot can happen in a year…or even six months. If it has been a while since you took a look at your estate plan, it is highly likely that even more things have changed in your life.
To be clear, a well-crafted estate plan should be flexible enough to still work even if certain incidents take place. Still, changes will likely need to be made at some point, and unanticipated situations can require new (or updated) planning.
Some Life Events May Lead to Updates or Additions to Your Current Plan
There are a number of life-changing events that may require you to change your current estate plan. This is not a complete list; however, if you’ve experienced any of these recently, you are encouraged to contact us to discuss your options.
You or Someone in Your Family Has Been Diagnosed With a Serious Illness or Injury
A serious illness diagnosis is certainly an event that causes many individuals to re-evaluate their needs and reconsider what’s important to them in the long run. If your spouse/partner or child has been diagnosed with a serious health condition, that may impact your decision-making with respect to your estate planning as well.
You Decided to Divorce Your Spouse
A divorce almost always requires changes to a person’s estate plan. For example, it is not unusual for spouses to choose one another as their health care surrogates and to leave a considerable portion of their estate to each other. It is important to note, however, that getting divorced does not automatically change your plan. That said, if you want to make modifications, you will need to take additional steps. Contact a Branson elder lawyer at our office to discuss.
You Had a Significant Change in Your Financial Situation
Have recent events caused you to lose a huge chunk of your life savings? Did you have to take on a job? These are events that may warrant a second look at your estate plan as well. Did you realize that you have more to protect than you originally thought? Do you have more to pass down to your loved ones? Have you considered all estate tax issues? Facing these questions now will help to ensure that you and your loved ones do not face any surprises later on.
You Welcomed a New Grandchild to the Family
If you currently have an estate plan and you recently welcomed a new grandchild, you will likely want to revise your estate plan in light of the new addition to the family.
Is it Time to Review Your Estate Plan? Find Out From a Branson Elder Lawyer Today.
Are you wondering if you need to review your estate plan? Have questions? If you need advice or are ready to get started, contact us. We are here and ready to work with you.