Third of Five
Article 3: Updating Your Estate Plan After Buying a Home
The prior article explained how trusts can help homeowners avoid probate when property is properly titled. Buying a new home is also an important reminder to review and update the rest of your estate plan.
Many estate planning documents contain references to specific real estate. If you sold a previous residence or purchased a new property, portions of your plan may no longer reflect your current wishes or circumstances.
For example, your documents may contain instructions regarding:
• Who should inherit the property
• Whether the home should be sold or retained
• How expenses should be paid
• Rights for a surviving spouse or children to remain in the home
If these provisions still reference a former residence, updates may be necessary.
Purchasing a first home is also an ideal time to create an estate plan if you do not already have one. For many families, a home is one of the largest assets they will ever own. Without proper planning, loved ones may face unnecessary legal complications if the homeowner becomes incapacitated or passes away.
A comprehensive estate plan can help address:
• Management of the home during incapacity
• Transfer of ownership at death
• Protection for loved ones
• Coordination with insurance and financial accounts
Major life changes should always trigger a review of your planning documents. A new home often means your financial situation and long-term goals have changed as well.
Keeping your estate plan current helps ensure your wishes remain clear and enforceable.
Questions about your estate plan? Call our office at 561-694-7827 and schedule a consultation. Elder & Estate Planning Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter. The content of this article is general and should not be relied upon without reviewing your specific circumstances by competent legal counsel. Reliance on the information herein is at your own risk, as it expresses no opinion by the firm on your legal needs. An attorney client relationship is not created through the information provided.
