From getting married to having children, people experience several changes throughout their lives. That’s why it’s possible to work with an attorney to make necessary alterations to your current estate plan. To prepare for the future, here are a few instances when you may need to make amendments.

When You Should Alter Your Current Estate Plan

1. Changes to Your IRA & 401(k) Plans

Before you reach 70 ½ years old, speak to your attorney about requirements for your individual retirement account or 401(k) plan. At this point, you must begin taking required minimum distributions. According to the SECURE Act, the entire account balance must be distributed within 10 years of the account holder’s death. An estate attorney will let you know how this affects your beneficiaries.

2. Relocation Out of State

As estate laws vary depending on where you live, moving can affect your current plans. For instance, any personal property in North Carolina valued at $20,000 or less may not be subject to a lengthy probate process. In Oregon, the personal property value must be $75,000 or less, and real estate must be $200,000. An attorney will ensure your estate planning documents adhere to state probate laws and additional guidelines, so beneficiaries won’t face delays getting their inheritance.

3. New Marriage or Divorce

When getting divorced, your former spouse should be written out of your will. You should also designate a new person to serve as the power of attorney to access your bank accounts and make healthcare decisions. If you get remarried, revise the will to name your new spouse as a beneficiary. Your will and living trust can also be updated to provide for biological children, as well as stepchildren and adopted family members.

To make sure your estate plan reflects North Carolina’s laws, contact the attorneys at Cecil, Cecil & Barker, P.A., in High Point. With over 36 years of combined experience, these licensed attorneys will take the time to understand your current life changes so that they can amend your estate plan accordingly. For more information about their services, visit the website or call (336) 883-8383.