3 events that may require updates to estate plans

On Behalf of | Nov 5, 2021 | Estate Planning |

Estate plans are important legal tools that all eligible Georgia residents should seriously consider executing. They contain a variety of documents that offer different planning and protective services for individuals’ end-of-life estates to ensure their wishes are followed and goals are reached. Attorneys who work in estate planning and administration can help those without estate plans to get started.

However, not everyone who has an estate plan should feel comfortable and confident with what they have. They may have experienced a life event that could alter their plans. This post will introduce just a few of those events that can come before changes to estate plans are due.

Event 1: Divorce

Divorce is a common event that ends marriages. When a Georgia couple divorces, they may no longer want their lives intertwined. Their property may be divided between them, and they may wish to give their property to others through their estate plans. Removing an ex from an estate plan is a common reason for an update.

Event 2: Children

Having children is a joy for many parents. However, leaving children out of an estate plan can create problems later on if there are questions of intention raised during probate. When a child is born or adoption, a parent may want to revisit their estate plan for possible changes.

Event 3: Taxes

The federal government provides individuals with a threshold amount of money that they can gift and pass through their estate. That amount changes, though, and can be decreased depending on how power in the government is structured. If a person believes that they will be heavily taxes at the time of their death, they may want to change their estate plan to avoid it.

Estate plans should change with time. Those ready can contact their local lawyers for support and guidance.