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When Should I Update My Estate Plan?

We all know how unpredictable that life can be. Whether you have moved to a new state, had a child, gotten divorced, there are a number of changes that can take place in a person’s life. After all, the only thing that stays the same in life is change itself. For that reason it can be difficult to know exactly when someone should update their estate plan. However, there are a number of big changes which should motivate someone to update their estate plan. Your will, living wilI, power of attorney should be updated accordingly as these major changes come along. If you need help updating your estate plan, be sure to contact the Tennessee estate planning attorneys at The Higgins Firm.

Family Changes

One of the biggest changes in someone’s life can be a change within the family. Whether the change involves a birth, marriage, adoption, death, or a divorce, it is important to update your estate plan following each of these major changes within your family. When you have a child, you should update your will to add a potential guardian in the event that something were to happen to you. Upon getting married, you may want to add your new spouse as a beneficiary of your will or any other accounts like life insurance.

Similarly, if you lose someone in your family through death or divorce, you may want to remove them from any of your legal documents or as a beneficiary on any accounts. Or you may want to remove someone if they are no longer able to serve the role that you had intended. Someone who has gotten older in age may not be able to serve as a potential guardian for your minor children any more.

Location Changes

More and more people move from state to state these days. However, each state may have different laws regarding your estate planning documents. It is important that you check with an estate planning lawyer in your state to determine whether your documents would still be valid from the state you moved from. While there likely would not be any major issues, it is always better to check with an attorney to make sure.

Asset Changes

If you have experienced a large change in your assets, you would want to update your estate plan accordingly. If you have inherited a large sum of money or have a family business that has become very successful, you may think about changing your will accordingly. Similarly, you may have acquired a large asset. You would want to account for your new situation.

Changes in the Law

Federal and state laws change often. You should keep track of any major updates that could affect you or your family’s estate plan. A Tennessee estate planning attorney can keep you updated and help you make any necessary changes.

If you need help updating your estate plan, don’t hesitate. Contact the estate planning attorneys at The Higgins Firm. Our Tennessee estate planning lawyers would be happy to answer any questions that you may have.