Once you have determined what you want to have happen with your property in Iowa if you were to pass away or become incapacitated, your estate planning is still not finished. While the hardest part may be past, you will still need to perform periodic reviews to ensure that everything is up to date. There are also many changes that could happen and force you to adjust the terms and conditions. Here are some things we at Janssen Law recommend to keep in mind when it comes to modifying your estate plan.
First, realize that major life changes should be a time for reflecting on your decisions. If you or one of your children has a change in marital status, it may determine inheritances and property division. New births and adoptions can also cause you to adjust who gets what and how much you leave to loved ones.
Next, you want to consider the changes that may happen in the lives of those who have a hand in your will. What if the person you selected as trustee or executor moves, passes away or in some other way becomes unable to complete the duties? Periodic review can ensure that you will be aware of these details and all your goals will be met after you pass away.
Also, a change in your income level or the funds needed for care can have a significant effect on the amount of money that is divided into other accounts or left to family members. For more information on how these things can affect your estate plan, visit our web page.