Reasons to Update Estate Plan

Many individuals have a will and believe that their estate plans are complete, but there are some general issues that might occur throughout your life that demand to update your estate plan. These issues are addressed here. You can browse http://www.lawbh.com/santa-barbara-elder-law-attorney/ in order to get help from topmost lawyers who can help you in updating your estate plan.

1) Children

If you have a child then you should update your estate plan in order to provide a guardian for your child.

If you do not do this yourself then the court will do it for you and this can result in chaos for the kid and everybody associated with it. You are the one who knows that who can be the best guardian for your children.

2) Marriage/Remarriage

There will change in your estate plan when you get married. Before marriage, your will probably want your assets to go to your parents.

Typically, after marriage people want their assets to go to their husband or wife.  So you need to update your estate plan after you got married in order to reflect this change.

3) Increase in Wealth

When estimating the estate value for estate tax purpose retirement accounts, life insurance proceeds, real estate, bank accounts and personal assets are all incorporated. You can pop over to this website if you want to hire best estate lawyer who can help you in your estate plan.

Many people think that picking a beneficiary for these plans eliminates the asset from your estate. This is not right as these steps allow the asset to evade probate, although, it will still be incorporated in the estate for tax purposes.

4) Retiring Outside of the United States

Many people choose to retire in the different country. Retiring in the different country raises many tax problems. You may have an income generating asset here in the U.S. that you do not want to sell.

You will want to obtain Unite State social security in that another country. It is essential that you meet with a lawyer who will examine your situation based on U.S. law, international law and any agreement between the two countries.