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The Importance of Midyear Estate Planning

Why is midyear estate planning in Raleigh NC important? Sometimes, our new year starts off with a bang. We may get a new job, open a business, get married or divorced, have a child or have another type of life change. Even when you aren’t planning on a change in your life, things can happen unexpectedly. You may buy or sell a home or purchase rental property. You could decide to buy a vacation home, new car, or both. All of these things should be recorded in your estate plan. If these changes aren’t updated in your will, the court could deem your estate plan invalid. Believe it or not, these seemingly normal changes are more important than you realize. If you pass without updating your will to include vacation homes, new cars or boat, new businesses opened, or business sold, you could be leaving your loved ones at a disadvantage.

Importance Of Midyear Estate Planning in Raleigh NC

When things are not added or updated, your will can become invalid. That means your estate may have to go through probate in order to distribute your assets properly. Even if your spouse or children know exactly what your wishes are, it’s still should be fully documented within your estate plan. That way, probate won’t be an issue. Even if you think probate court won’t be that big of a deal for your family, you may want to reconsider that. It can be a link the process that cost a great deal of money. There’s no reason you should have to put your family through this. Instead, update your estate plan as things change. Of course, we can understand why you wouldn’t want to update every single time you have a change. However, taking a look at your overall estate plan at least once a year can be beneficial. In many cases, looking at it once every six months can be a better solution. Just as we’ve been talking about in this article, life can change in an instant. New years are full of great and wonderful things.
Taking time in June or July to assess your situation and make changes where necessary can be a great way to stay on top of your updates. You can work with your lawyer to do this. One of the best ways to make sure you’re doing everything you need to in order to keep your estate plan updated is to make an appointment with your lawyer once every six months. That way, you can sit down with them and talk about everything you need to go over. You’ll be able to focus on any changes and updates that need to be made. At times, there may be possessions that you’ve purchased that you have thought about adding into your estate plan. Your lawyer can help you decide what should be updated and included.
We hope this information helps you when it comes to midyear estate planning. Remember, you never know what the new year holds. Be sure to stay on top of your updates by meeting with your attorney at least once every six months so that you’re able to plan for your future and keep your family from having to deal with probate in the event that you pass without updating your will.
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our attorney is here to help you get your estate planning in Raleigh NC in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our estate planning attorney to get started estate planning today.

Eldreth Law Firm | Estate Planning Raleigh NC

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also, contact our attorney to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, small business, trademarking, copyrighting, or DWI issues.

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