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Trust Is Everything

When should you update your estate plan

On Behalf of | May 19, 2022 | Estate Planning and Probate |

No one knows when their time will come, but it’s important to be prepared for the unexpected. That’s why estate planning is so important in Washington. However, creating an estate plan is not enough. You also need to keep it up to date as your life circumstances change.

Marital changes

If you’re getting married, you’ll likely want to add your spouse to your estate plan. And if you’re getting divorced, you’ll need to remove them. You can imagine what would happen if you didn’t update your estate plan and something happened to you – your ex-spouse would likely still be in control of your estate.

Additions to the family

If you have a new child or grandchild, you’ll probably want to make sure that they’re included in your estate plan. You may also want to consider setting up a trust for them if you have the means to do so. For instance, if you have a grandchild with special needs, a trust can ensure that they’re taken care of financially after you’re gone.

Relocation

If you move to a new state, you’ll need to update your estate plan to reflect the change because estate planning laws vary from state to state. For example, some states have estate taxes while others do not. So if you move to a state with estate taxes, you’ll need to take that into account in your estate plan.

Estate planning is an important part of ensuring that your loved ones are taken care of if something happens to you. There are a number of things to consider in addition to the division of assets such as charitable gifts and property division.