Sitting down with an estate planning attorney to take a fresh look at your situation might sound a bit dramatic. However, there are plenty of reasons why you should conduct a review. If you're dealing with one of these four scenarios, take the time to meet with a lawyer to review your estate plan.
Family Changes
Life happens, and that means people get married or divorced, have kids and see them move out, start and leave jobs, and retire. As life happens, your estate plan needs to keep up so you don't accidentally do wrong by the people you love. Whenever you experience a noticeable life change, it's time to pull out the estate plan and review it. Tell an estate planning lawyer what has changed so they can match the wording of your documents to what you want to see happen.
Windfalls
Big changes in financial circumstances can mean major problems for an estate, especially if it is operating under outdated terms. People come into windfalls thanks to things as different as moving into better-paying jobs or winning the lottery. You might have seen a savvy investment pay off or just gotten lucky when the local real estate market boomed. Regardless of how a windfall has landed at your doorstep, it's prudent to contact an estate planning attorney to discuss the financial changes and their potential consequences.
Adding or Losing Assets
Most people acquire, sell, trade, and lose assets over a lifetime. Houses and vehicles tend to be the big ones, but folks also go through assets like collectibles, works of art, investment properties, and more. Anytime you see a change in its assets, it's worth doing a review of your estate.
With the advent of more unusual assets like cryptocurrencies and NFTs, there are also some interesting transfer scenarios. An estate's administrator may need access to public-private keys to take control of accounts. Otherwise, the assets might be lost forever. If you own such assets, make sure your estate documents provide the executor with a way to access and transfer them to beneficiaries.
Overdue Review
Yes, this is a simple one, but it's also easy to overlook. If it has been more than a couple of years since you last spoke with an estate planning attorney, schedule a review. Even if you feel like nothing has changed, the world around you may have. Laws change every year, and an attorney can help you maximize the benefits of your estate by adjusting to the changes.
Share5 May 2022
Many people assume that when they file Chapter 7 bankruptcy, they will have to give up their homes and other property. This is not necessarily the case. I am a bankruptcy attorney, and I have helped many clients file for Chapter 7 bankruptcy without giving up homes, cars, and other property. When you file for bankruptcy, the property you are allowed to keep depends on your individual circumstances and the state where you live. Most states allow exemption for property you are currently paying for. This blog will guide you through that information and help you determine if filing Chapter 7 bankruptcy is the right choice for you.
