Indiana residents like you spend time, effort and money on your estate in your lifetime. You want your loved ones and beneficiaries to inherit it after your death without any hang-ups or legal difficulties. But how can you ensure this?
One way to do so is by making sure you keep your estate plan up to date. This eliminates many potential issues you may face with inheritance and estate matters.
Big life changes may prompt estate plan changes
Forbes discusses times in your life when you may want to update your estate plan. Many have to do with times of change. The top changes involve your finances, family relations and place of residence.
Place of residence is somewhat self-explanatory. When you move to a new state, different laws govern estate plans. You want to double-check yours and ensure that it stacks up to the legal requirements of your new home.
Watching your finances and relations
For finances, you want to report any large increases or decreases. Your finances make up a large portion of your assets. As such, your estate plan deals with them directly. You do not want your beneficiaries to find that you have money you did not account for. You also do not want them to deal with debt that they did not know you had.
Family relations are important too, because it affects your beneficiaries. You may want to remove or add people to your estate plan as your family relations change. For example, you likely want to remove an ex-spouse from your plan. If you remarry or adopt a child, you want to add them into it. Keeping things updated allows a smoother transfer after your death.