Change in Assets, Estate Planning & Trusts | Promise Law

Change in Assets

A change in financial status can be a very exciting – and scary. Suddenly you become aware of just how much you have to lose. When your finances shift, your estate planning needs to shift, as well. Promise Law can help.

We make the estate planning process simple by asking all the right questions, creating all the necessary documents, and guiding you on re-titling of assets or change of beneficiary designations as needed. We’ll help you make sure that promises made are promises kept.

Did You Know:

  • A change in assets may call for a change to your estate plan.
    • Owning real estate outside of Virginia suggests a trust is perhaps a better option.
    • An increase in assets could change what makes sense in terms of who manages or inherits the asset.
    • A decrease or loss of assets can create challenges if that asset was left to a specific beneficiary.
    • There may be unintended disinheritance, or in the increase of an asset unintended over gifting.
  • Also certain types of assets can have negative tax outcomes or be difficult to administer at death if not left appropriately.
    • This includes tax deferred assets like 401Ks and IRAs.
    • Any asset left to a minor (particularly over $50,000) is not likely to be given to them (or their parent) without court approval.

Learn more about Estate Planning.

When your finances change, your plans for the future change, too. Trust Promise Law to help you cultivate a plan for your future. Life happens. Plan on it.