VIEWS: 16 PAGES: 1 CATEGORY: Legal POSTED ON: 5/4/2012
Anyone who welcomes a new child should always update his or her estate plan as soon as possible
When To Make An Estate Planning Change – 3 Key Moments Moment 1: When you have a child. Anyone who welcomes a new child should always update his or her estate plan as soon as possible. Not only will you want to make provisions in your plan to care for your child financially if you should die prematurely, but you should also name a guardian. Also, if you created an estate plan when your child was first born and the child has since grown older, you will probably want to review the plan to make sure your choice of guardian is still appropriate. Moment 2: When you get married. Once you get married, you and your spouse become the legal heirs to at least a portion of the other's estate. Though state law differs in how much a spouse is entitled to upon the other's death, all states provide for some sort of spousal inheritance. If you want to ensure your spouse receives more than the legally allotted share, you will need to specifically do so in your state plan. Moment 3: When you haven't changed anything for a while. Laws change, people change, and your desires when you created your estate plan may have changed as well. If it's been a year or more since you last reviewed your plan, you should take the time to do so now. You should also contact an estate planning attorney because the laws may also have changed in the interim. Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate planning and business planning resources to residents of Seattle WA. To learn more about these free resources, please visit http://www.byrdgarrett.comtoday.
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