Life Changes in 2025 that May Impact Your Estate Plan
The year is winding down and as it comes to an end, many people reflect on the significant personal changes they went through in the past 12 months. Whether you have celebrated happy events or are trying to navigate challenges, it is important to consider how these changes impact your financial and legal affairs.
By taking a few proactive steps before the year officially comes to an end, you can guarantee that you have peace of mind going into the new year. Below, our Utah estate planning attorney outlines some of the biggest changes that may have happened this year, and how they impact your plan.
Births and Adoptions
If you have welcomed a child into your family this past year, it is critical to update your estate plan to reflect that. Grandparents and parents alike may want the child to receive a portion of their property after they pass away. Parents should also name guardians for their children in the event that they are ever unable to care for their children. If a child was adopted by your family this year, it is also critical to make sure adoption orders, court documents, and other important documents are current.
Marital Changes
Whether you got married this past year, or you parted ways with your spouse, your marital status has many important legal implications. In either event it is important to update your will, power of attorney, and advance health care directives. You should also check to ensure that beneficiary designations on retirement accounts, life insurance policies, and other assets are aligned with your current wishes. Property titles should also be checked to ensure that they are in your name only if you have gotten a divorce.
Purchasing a Home
Purchasing a home is a huge milestone in life and it is important that you take into consideration when creating or reviewing your estate plan. You should add the property into your estate plan and speak to a Utah estate planning attorney who can advise you if a trust is right for you and your home.
General Year-End Review
Many people create estate plans, put them in storage, and do not think about them again. This is a mistake that could leave you and your loved ones vulnerable in the years to come. Reviewing your estate plan at the end of the year, or the start of a new one, is the best way to ensure it still reflects your wishes and will protect you and those closest to you.
Our Estate Planning Attorney in Utah Can Review Your Plan
Whether you need to review your current estate plan, or get important documents in place, our Utah estate planning attorney at AGS Law can help. We will review the facts of your case to help you identify your goals, advise on the legal tools that can help you achieve them, and carefully review and execute your documents to ensure they provide the protection you need. Call us now at 801-477-6144 or contact us online to schedule a consultation and to get the legal help you need.
Source:
le.utah.gov/xcode/Title75/Chapter2/C75-2-P5_1800010118000101.pdf
