North Carolina residents often strive to have an estate plan in place. If you already have one, you will also want to update it. This allows you to present the most recent picture of your life accurately. But when should you update it?
Forbes examines a few different situations in which updating your estate plan may be necessary. For example, financial changes are among the most common reasons for updating an estate plan. This can include both gains and losses. You will want to change your plan if you come into a lot of money i.e. through inheritance, or if you lose a sum of money and fall into debt. Bankruptcy is especially important to note.
Life changes are also common reasons to change. This can include familial changes, such as marrying, divorcing, or having a child. Discovering a dependent has a disability can also be cause for change, as it may change how you decide to divide your estate. You may also want to create a trust fund for them in case they cannot manage their own money.
Moving is another life change to consider. Not only does each state have its own laws on estate planning, but the laws within a state can also change. Be sure to check the laws in your area every now and then. Make sure your estate plan is not dependent on defunct laws. If you move, become familiar with laws in your area. Even if none of these things happen, updating your estate plan is a wise idea.