Times When You Should Update Your Estate Plan
Your estate plan is a snapshot of your assets, your family and your goals on the day you created it. If your circumstances change, your estate plan is probably out of date and needs to be revised.
At Ruberg Law PLLC, we advise clients to think about the possible impacts different life events have on these legal documents. Here are some common life events that can make a change in an estate plan necessary.
Additional Asset Acquisition
Buying a vacation home or investment property necessitates an updating of your estate plan. Who will own the property after you die? Will the property stay in the family? Who will be responsible for property taxes and upkeep if family members share the property?
Family Additions And Subtractions
Has there been a new child or grandchild in the family since you drafted your will? If so, updating your document will give them the benefit of an inheritance. Likewise, if your family composition changes because of divorce or death, you will need to review and likely change essential information in your estate plan.
New Health Issues
As you become older, you may experience new health issues and want to state your wishes for medical treatment. As a result, you may also desire to designate the person you want to handle your affairs if you become unable to do so yourself. We can help you draft a living will and durable financial and health care powers of attorney.
Establishing A Business
Business ownership has particular implications for estate planning. The more complicated the business structure, the more you need a law firm experienced in both business and estate law to address matters such as who will own the business after your passing and the legal establishment of a succession plan.
If you wrote your first will when your children were small, and you were in the first half of your career, you likely had different financial goals than you do decades later. Whether your current goal is asset protection or minimization of taxes, Ruberg Law PLLC can help you craft a comprehensive estate plan that can pursue each of these aims.
Contact Us Today
Ruberg Law PLLC, can evaluate your current estate plan and show you where updating your estate plan could be advantageous. Give our Covington office a call at 859-344-6742 or contact us online to schedule an initial consultation.