Attorney Raleigh NC: Updating Your Estate Plan During the New Year
Welcome back! In our last post, our attorney in Raleigh NC began discussing the importance of updating and changing your estate plan and the documents included, so that you will be able to properly reflect any and all asset changes, beneficiary changes, and more. If you missed our last post, be sure to visit back and read it, before moving on.
As we mentioned in our previous post, in addition to updating your estate plan this upcoming New Year, it’s also important to consider creating any estate documents you’ve yet to incorporate into your current plan. Do you have a last will, living will, living trust or Power of Attorney? If not, consider speaking to an attorney to add these as soon as possible.
It’s important to keep your estate plan updated with changes, as well as make sure you've incorporated any and all important documents in your plan, as you never know what may happen. Should you pass suddenly, without a proper, updated estate plan, your assets might not go to the right beneficiary, your children might be left without a guardian, and more.
Below, our estate planning attorney in Raleigh NC offers a few more tips and reminders of all that should be included and updated frequently in your estate plan.
Marriage changes. Did you get married or divorced in 2014? Did your children or other family members included in your estate plan get married or divorced? Consider updating any and all changes that apply to this matter as soon as possible.
Children. Did you welcome a new child into your family either through birth or adoption in 2014? Did any of your children give birth or adopt children in 2014? If so, this should be included in your estate plan. Also, naming a guardian for your children in case of an unexpected death is imperative. You want to make sure you’re in charge of making the decision of choosing the right guardian for your children.
Children that have reached milestones. Has your child (or children) reached the age of 18 or 21? If so, be sure to document this properly, as it could affect their inheritance should you pass.
General changes in life. Have you begun or ended a relationship with someone in 2014? Have you become involved in an organization that’s important to you? It’s important to include these changes in your documents if you have or would like to include them in your estate plan.
Incapacitation or death of a beneficiary or other important role in an estate plan. A serious illness or death of someone named in your estate plan should be documented as soon as possible. Those that are named as executor, power of attorney, or trustee, especially, should be documented at the time of death or incapacitation. Concerning any changed matters, including those listed above, you should speak with an attorney as to how to adequately address these in your estate plan.
In our next post, Eldreth Law Firm, PC, attorney in Raleigh NC will continue discussing estate planning and how you should consider it a priority, every New Year, to revisit your current plan and update it as necessary.
As always, feel free to contact us with any questions or concerns you may have about estate planning or partnership agreements. Also contact us to schedule a consultation if you are looking for a new attorney in Raleigh NC. We are here to help you with all your legal matters, whether it be estate planning in Raleigh NC, trademarking, copyrighting, or DWI issues.