Review Your Estate Plan for 2020
You have an estate plan in place, so you can expect it to achieve your goals for years to come, right? This is a common misconception, as estate plans should regularly be reviewed and changed along with your circumstances. The start of the New Year is often a time to make resolutions, and one of those should be to review your estate plan for any necessary changes. You should discuss your specific situation with an estate planning lawyer in Fayetteville, but the following are some general questions to consider.
Did You Experience any Major Life Changes?
Did you get married? Have a child? Get divorced? Experience a disabling condition? Any of these might warrant changes to your estate plan. For example, if you get married, the state laws regarding automatic spousal inheritance might not line up with your wishes for what your spouse should inherit. You also might want to form a joint trust with your spouse or designate your new spouse as your power of attorney. If you get divorced, you want to revoke any joint trusts and designate someone else as your power of attorney.
Did Your Property Change?
As the nature of your property and assets change, you should revisit your estate plan and adjust it accordingly. This is true whether you experienced a windfall or losses. Your estate can change significantly with each passing year, and you want to ensure your documents properly reflect your estate as it sits in 2020.
Contact an Estate Planning Lawyer in Fayetteville Today
The New Year is a great time to get your affairs in order. Whether you need to draft an estate plan from scratch or update an existing plan, contact the Fayetteville estate planning attorneys at Overman & Overman. Call 770.626.5200 or contact us online for a consultation.