Purchasing a large asset:
Perhaps you are a newlywed couple just returned from your honeymoon? Upon return, your one-bedroom apartment suddenly feels constricting. Or maybe you are a family of four and counting? You realize with another child on the way that you need more space to accommodate everyone’s needs.
These are very real dilemmas that individuals face every day. The realization that you need to purchase a new or larger property is a natural step in one’s life after a major event such as a marriage or the birth of a child. If you are considering purchasing property and have already executed your estate plan, then remember it is important to adjust your plan to include your new valuable purchase.
This, however, is not the only occasion to adjust your plan. When you buy any large asset, you should consider making a revision. Examples of large assets one can buy include:
- A home or apartment
- A commercial property
- A business
If you are thinking about making a large asset purchase, be sure to consult with a trusted estate planning attorney who can navigate you through the process and provide guidance.
Before making a major decision in your life, it is important to ensure all steps are taken to protect your legacy.