Remember to Update Your Estate Plan After Changes

While you cannot know what changes the future will bring in your life, you can be certain that change will come. Some of the most common changes in life include the acquisition of money and property, marriage and divorce, the birth of children, and death. An effective estate plan can provide for most of the important decisions related to each of these changes. Even if you already have an estate plan, these changes often necessitate updating your estate plan. Updating your estate plan may include changing how your property will be allocated among your heirs or beneficiaries, changing your personal representative or power of attorney, and selecting or changing a guardian to care for your children in the event of your death. Updating your estate plan can help you effectively address these changes.

In addition to a will and possibly a revocable living trust, a basic estate plan should include a living will, a health care power of attorney, and a financial power of attorney, all of which help you plan for events in which you may still be alive, but not conscious or capable of making decisions. Consideration should also be given to beneficiary deeds and payable on death (P.O.D.) accounts, both of which allow you to transfer property upon death outside of probate.

The Combs Law Group can help you create an estate plan, and can also help you update your existing estate plan to help you plan for the expected and unexpected changes that the future holds. We look forward to meeting your estate planning needs.

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