Now that the new year has begun, you should strongly consider reaching out to an experienced Maryland estate planning attorney to review your plan and ensure everything is on track and in order. As your life changes, your estate plan must follow suit. Otherwise, your plan may fall behind and not act as it should when the time comes. Please read on to learn more about various aspects of your estate plan that may require professional revision in the new year.
What aspects of my estate plan may need revising?
As stated above, oftentimes, so much happens in a year that we do not consider how every single event may have drastic impacts on our estate plan. That is why below, we have compiled a list of various scenarios and aspects of your estate plan that may need updating. They are as follows:
- A new child in the family: Whether you or your children recently birthed or adopted a new child, this is often a valid cause for revising your estate plan to ensure asset distribution better reflects your newly-expanded family when the time comes
- One of your beneficiaries has predeceased you: On the flip side, if one of your beneficiaries has recently passed away, you should adjust your estate plan accordingly. If you pass away and certain assets are still set to go to someone who is already deceased, it may be cause for serious confusion amongst your family.
- You recently had a child and wish to appoint a guardian: If you recently had a child, this part of your estate plan should be of the utmost importance. If you were to pass away while your child is still a minor, wouldn’t you prefer to choose a party you know and trust to care for and raise your child as you would have? If you do not appoint a guardian, this decision will most likely be made by the court.
- You were recently married (or divorced): Marriage and divorce play a huge rule in estate plans. For example, let’s say you recently divorced. If you were to pass away while your former spouse is still a beneficiary on your will, he or she will most likely get those assets.
- Tax laws have changed: Even something as mundane as a change in the tax law in Maryland can be a valid cause for hiring an attorney to review your estate plan to ensure everything is in proportion.
Contact our experienced Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.