If your estate planning file has been sitting in a drawer for years, the documents may not reflect your life accurately. While many people believe they only need to draft these legal notices once, the conditions need to be checked each year to make sure they meet your needs. Below, the lawyers from Vernau Law, LLC in Granville, OH, provide three situations that call for new estate planning documents.
3 Reasons to Update Your Estate Plan
1. Changes in Family Status
Whether you’re welcoming a newborn or going through a divorce, all family changes require updates to your estate planning documents. Births, deaths, and marriages are especially important to account for, as they have an impact on inheritance and important legal roles like power of attorney, appointed guardians, and estate trustees or executors.
Retirement might not impact your estate plan immediately, but it will when you start making mandatory withdrawals from an IRA. Taking money out of this account changes the assets you have on hand, so your planning documents need to be amended accordingly.
3. Health Issues
If you or a family member requires long-term or specialized health care services, your estate plan needs to reflect that. Revising the documents gives you the opportunity to express your wishes regarding daily care and life-saving procedures. You should also develop a plan in case a child, spouse, or other family caregiver predeceases you.
Updating your estate planning documents requires a great deal of consideration. Working with an experienced lawyer ensures you will address important issues before they arise, so you are prepared for whatever the future holds. The team at Vernau Law, LLC assists with this process, so your loved ones are protected. To schedule a consultation, call the law office today at (740) 587-2637. Visit the firm online to learn more about their estate planning and probate services.