If you have an estate plan, it is important to keep it updated whenever your life undergoes significant changes, such as a marriage, the death of a spouse, or the birth of a child. Life never remains the same, so your estate plan must evolve with it to ensure it always accurately represents your needs and goals.
Updating Your Estate Plan
There are several moments in life when one may have to revisit their estate plan to make some crucial updates. If you neglect to make these changes, there may be some serious obstacles for your beneficiaries to overcome in the aftermath of your death.
Below is what you need to know about making updates to your estate plan:
- Marriage: Your spouse will not automatically be your heir once you tie the knot. Part of your estate may go to your relatives, so if you want to create a different arrangement, you need to address this by updating your will to include your new spouse.
- Children: After having children, you should update your will to name a guardian for them. Otherwise, if you and their other parent passes away, the court must choose a guardian to look after them, and it might not be what you would have wanted. Additionally, when your children become adults, you should change your plan since they will no longer require a guardian or a trust. Instead, you can have them act as executors or allow them to hold power of attorney.
- Divorce or death: Whether you get a divorce or your spouse passes away, you will need to revisit your estate plan since you likely named your spouse as a beneficiary or executor. You should also make sure your former spouse is no longer a beneficiary or trustee if you have a trust.
If you wish to change your beneficiaries, move to another state, or it has been more than 5 years since your plan was reviewed by a lawyer, you should also have it updated.
Schedule a Case Evaluation with an Experienced Estate Planning Attorney Today!
If you need to make some changes to your estate plan due to recent changes in your life, the legal team at the Law Offices of R. Morgan Holland, L.C. can assist you. Our attorney has assisted thousands of clients and is backed by more than 30 years of experience.
Reach out to our law office online or call (805)762-4465 to set up a case evaluation and learn more about what we can do for you.