As a resident of Kentucky who already has your estate plan prepared, the only thing left to do is revisit it every few years to see if it needs any updating. You want your estate plan to reflect the most recent circumstances in your life, after all. You may even find yourself needing to update it more than once every few years.
Most of the circumstances that demand change to an estate plan have to do with life changes. Typically, these changes fall into the following categories:
- Family
- Finances
- Location
- Law
Changes within the family can encompass marriages, re-marriages, divorces, adoptions and the birth of new children. It can also involve discovering that one of your dependents has a learning or mental disability that may require additional financial support or care in the future.
Speaking of finances, changes to your financial situation always merit giving your estate plan another look. This includes both positive and negative changes, such as suddenly coming into money through inheritance or having to file for bankruptcy due to debts.
Location changes are exactly as they sound. If you move to another city, state, or even country, you will want to carefully examine the estate planning laws in your new location to see what needs to be changed. And in terms of laws, make sure you are up to date on the laws in your home even if you do not move. Sometimes, changes will need to be made to make up for laws that become outdated. To take another look at matters related to estate planning, consider paying our linked web page a visit.
