As discussed on this blog in the past, it is important for all residents of Rockville, Maryland, to update their estate plans regularly. An estate plan is almost a living thing that should always reflect a person's current life, interests and wishes. Today, we will discuss several points to consider when a person reviews his or her estate plan.
One point to consider is whether a person's family has undergone any changes since he or she last reviewed his or her estate plan. For example, marriages end, new marriages are entered into and children are born. All of these events may be a good reason for a person to take a look at his or her estate plan. After all, a person may not wish for his or her ex-spouse to inherit a part of his or her estate, or a person may want to make sure that new grandchildren inherit some of his or her property.
To that end, a person should also consider reviewing his or her estate plan if he or she acquires land, a home or any other piece of real property. These are often high-value items, and it is important to make sure they are properly titled. For example, some people in Maryland wish to avoid having their property go through probate. Therefore, they may want to consider titling their property in a way that meets this goal.
In addition, it is important for a person to review his or her estate plan if he or she has obtained a new account that requires him or her to assign a beneficiary to that account. This is especially crucial, since a beneficiary designation could trump what may be provided for in another type of estate planning document such as a trust.
These are only some questions that should be considered when a person reviews his or her estate plan. Just as life is rarely static, it is important to understand that one can update his or her estate plan to reflect the inevitable changes he or she will experience throughout his or her life.