The following address some of the most common life events and changes in law that support getting your estate plan updated:
- The birth or adoption of a child;
- A child(ren) having reached the age of majority who may now be able to assist in your estate plan as an executor, trustee, or act on your behalf under a power of attorney;
- Having a power of attorney that only addresses financial issues and not health care decisions;
- Having a power of attorney that does not have language that complies with the Health Insurance Portability and Accountability Act (“HIPAA”);
- You are now divorced;
- You have remarried after a divorce;
- The desire to provide for grandchildren;
- The potential for one spouse to require continuing care either at home or in an assisted living facility;
- The acquisition of real property located outside the State of Washington, such as a second home;
- Death of a spouse, sibling or other beneficiary;
- An increase in number or value of assets resulting in an estate tax issue;
- An outdated estate plan developed for tax reasons that no longer apply;
- The need/desire to change the guardianship provisions in your Will;
- The desire to leave a business to your children; and
- Changes in the law. For instance, the federal estate tax rules have changed almost every year over the last decade.
If anything on this list applies to you, please contact us today to avoid costly problems tomorrow.
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