It is not uncommon for individuals, once they have created their Estate Plan, to not think about it again for many years. By not keeping your Estate current, the biggest complication that can occur is that your assets are not distributed as you would like them to be. State law, called Intestate Succession, will determine the distribution of your assets.
To avoid that from happening, it is best to review your Estate Plan every few years or when a major event happens. A major event that could affect the distribution of your assts would be situations such as:
Change in Marital Status – marriage, divorce or becoming a widow
Change in Dependents – birth, adoption, age of maturity or the passing of a child
Moving to a new location – common law states vs community property states have different statutes
Death of a Beneficiary
Substantial changes to the value of your Estate
Buying or selling a home
Purging your possessions
Because life moves so quickly, even when a major life event happens, often people do not remember to update their Estates. Or individuals will put off the updates with the mindset that they will “get to it” later. Often that later never happens, or a tragedy may occur before they are able. As a client of Vault Keepers, our team will reach out annually to remind you to keep your estate plan current. If you do not have a professional to assist you, our Attorneys by State blog can assist you locating an attorney near you.