Many people make their estate plans and forget about them. While that may work for some people, most people should consider revising their estate plans.
While you could revise your estate plan every year, you might consider making changes after large life events. Here are a few common reasons to revise an estate plan:
1. You married or divorced
Marriage changes a lot in people’s lives. It often means having someone you trust and can rely on. Having a spouse can make it easy to decide how assets are distributed in an estate plan and who is designated as a power of attorney.
While marriage means trusting someone to be part of an estate plan, a divorce can do just the opposite. An ex-spouse may not be the right person to inherit from your estate or make financial or medical decisions. Removing them from your estate plan may be a wise decision.
2. You had a child or adopted
If you had a child or adopted one after making an estate plan, you may want to ensure your child has a comfortable life. You may consider planning a trust to fund their education or business. Or, you may need to name a guardian if you face a fatal accident, without which you would be leaving them otherwise unprotected.
3. There was a death in the family
Estate plans often name many heirs and designate people for crucial roles. If someone you designated in your estate plan recently died, then there may be a critical gap that needs amending.
If you’re considering amending your estate plan, you may need to know your legal options. There are numerous ways to meet your family’s unique needs.
