Updating your estate plan isn’t the most enjoyable activity, and most people don’t even think about it often. While it can be daunting to plan for your own demise, the right estate planning tactics can help you focus on living life to the fullest and leaving something for your loved ones. Here are some important things to keep in mind in this regard as an Oregon resident.
Changes to your beneficiaries
If one of your beneficiaries passes away, you’ll need to revise your estate planning. If the person you intended to receive your assets or property is no longer living with, you’ll need to update your documents to include new beneficiaries.
You change your mind
You can change your mind when it comes to estate planning so you can determine who will receive your assets. It can be costly to redo your estate paperwork but it’s best to do so any time you change your mind about who your beneficiaries should be.
Your marital status changes
Make the proper adjustments to your estate planning documents when your marital status changes. If you get married, divorce, are legally separated or are in a common-law marriage, there are several legal decisions to make with each arrangement. Make sure the people you designate are protected. Be sure to check that the state you live in will regard your common-law union for legal purposes as well. All of your wishes should be put in writing which means you’ll have to update all the appropriate documents as soon as possible.