Every few years it is a good idea to re-visit your estate plan; this is especially true if you have experienced a significant event in your life. Things such as your marriage, the birth of a new child or a divorce can have an impact on your thinking. Even if you have not had anything of significance happen you should sit down with your estate planning attorney in Boise Idaho in the event there have been changes in tax laws that may have an impact on your plan.
Your desires as to how you want your estate distributed will invariably change as the years go by. If you were to get divorced since you first established your estate plan odds are you will not want to take your ex wife into account in the same manner you did while you were a couple. In the event you are blessed with a new child or you adopt, this too will require that you update your estate plan. Although you may have children already and your plan provides for them you should update the plan every time a new child comes into your life.
There are many other life altering events that will cause you and your estate planning attorney in Boise Idaho to revisit your plan. If you get married or divorced and re-married, perhaps your spouse passed away or the executor of your estate died, these are all valid reasons for you to update your estate plan. Most jurisdictions provide for a statutory share of your estate that goes to your surviving spouse but if this statutory requirement may not reflect your desires.
It becomes even more important for those who have grown children and then remarry. In situations like this you will probably want to provide for your current spouse while he or she is alive but that your children from your first marriage inherit all your remaining assets on the death of your spouse. If you do not put this in your estate plan there would be a good chance that the children of your second wife could end up with your assets rather than your own children.
You must constantly be aware of the fact that your net worth changes. Even your current plan is only a few years old you are wise to revisit it in the event tax laws have changed to the point where you have to update your plan.
Your estate planning attorney in Boise Idaho is someone you will want to see every few years to review your plan and take any significant changes in your life into account. You are invited to contact Finch O’Neil Law Office.
