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4 signs you need to revisit your estate plan

Like most folks in the Rochester area, you work hard for the things you have in life. As such, you want to be certain your loved ones receive your property after you die. While drafting an estate plan is easy to delay, you finally accomplished the task. 

Without a current estate plan, you must trust New York's inheritance laws to effectively divide your assets after you die. While having an estate plan is a good idea for virtually everyone, estate plans typically have a shelf life. If you have not thought about your plan in a while, you may not be certain it continues to reflect your final wishes. Alternatively, life events may require a modification of your estate plan. Here are four signs you need to revisit your plan. 

1. You have had children 

You probably know kids change everything. Perhaps in no area of law is this sentiment truer than in estate planning. If you have had children, your old plan may not provide for all your heirs. Taking a few minutes to review your options is likely the best way to ensure all your kids have the funds they need to live a productive life after you are gone. 

2. You have changed fundamental relationships 

Marriages, divorces, legal separations and other formal relationships have legal significance. They can also wreak havoc on your estate plan. If you have not made your plan match your current relationship situation, you may be unintentionally inviting your heirs to fight in court after your death. 

3. You have acquired significant wealth 

When you wrote your estate plan, you divided the assets you had. Since then, however, you may have come into a significant amount of cash. If so, you may need to rework your estate plan to effectively divide your newfound assets. 

4. You have lost significant wealth 

While you may try to find financial success, it can be elusive. If you no longer have many of the assets you included in your estate plan, the document may be woefully inadequate. By routinely checking to see if your estate plan reflects your current financial situation, you know all your assets will go where you intend. 

Virtually no one likes to think about life after death. Still, because you have acquired assets during your time on the planet, you want to direct where your possessions go. By regularly reviewing and updating your estate plan, you achieve peace of mind.

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Bebout, Potere, Cox & Bennion, P.C.
821 North Main Street
Rochester, MI 48307

Phone: 248-805-1959
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