When Should I Update My Estate Plan?
Jan. 31, 2019
While having a solid estate plan in place is crucial, it’s also important that you revisit these documents on a regular basis. Life changes can have a real impact on wills and trusts, and you want to make sure the decisions you made in the past still have relevance today. If you’re thinking about updating your estate plan in Oregon, Forbes offers the following advice on when this should occur.
After a Big Move
Every state has different rules governing the creation of estate plans. As a result, a move to another state means your will may no longer be considered valid. Even a seemingly minor difference can call your estate plan into question and may even land you in probate court. To avoid this lengthy and often expensive process, have an attorney in your new state look over your will to ensure it’s legally binding.
After a New Marriage or Divorce
It’s not uncommon to add or delete people from your will. This can result from a new marriage, divorce, new birth, or even the adoption of your child. When you don’t revisit your will, you run the risk of loved ones being left out. You’re also at risk of a person being included that you don’t want to leave assets to, such as a former spouse.
When You Want a New Executor
An executor is responsible for carrying out the duties of your will. It’s important you select a capable and responsible individual for this task, especially if you have many assets or a complex estate. Even after a careful selection, you may still find fault with your choice, and if so, it’s important you pick a new executor as soon as possible. You can also opt for a backup executor for this very reason.