Whether you are a Greensboro, North Carolina resident who has recently created a will or are developing a more complete estate plan, it’s important to keep in mind that your plan is only as good as you allow it to be. This means that, very much like a car, you will need to spend some time reviewing your plan periodically and making any necessary changes. Why? Because changes in many factors outside of your control can lead to significant estate planning errors unless you address them quickly. Here are the three areas that are the most common sources of these problems.
Whether the state of North Carolina adopts a new statute, a court makes an important new decision, or the federal government alters its tax laws, changes in the law will often require you to go back and make changes to your plan. Some of these changes can be rather small, but others can be significant.
New family situation.
Let’s say you made a will and left your house to your grandchildren. What happens if you have a new grandchild after you made your will? In some situations you’ll need to update your will to reflect your new family situation. This is true for births, deaths, divorces, and marriages.
New economic factors.
The strength or weakness of the economy at large can also impact your estate plan. If you’re worth significantly fluctuates because of economic factors, you’ll likely need to go back and rework elements of your plan to reflect your new financial situation.