Like many people, you likely created your estate plan early in life. After many years, your estate isn’t what it once was – you own more property, you built up your savings and people have come and gone in your life.
You don’t have to keep the same estate plan you made years ago – but what do you need to change? Here’s what you may consider when amending your estate plan:
Choosing a new power of attorney
If you’re incapacitated, your power of attorney (POA) is there to handle your financial and medical affairs. The person you designated as your POA, however, may not be fit to keep their role, causing you to reconsider who your POA is. You may even consider giving your financial POA and medical POA roles to two people, respectfully.
Changing your beneficiaries
You likely decided who would inherit your estate long ago. Some of these people, however, may no longer have good standing with you or your family. Or, you may have had children or grandchildren since you first planned your estate who you wish to include in your will.
Estate planning after divorce
Many couples include each other in their estate plan. Each spouse likely gains some inheritance if the other passes or is designated as the other’s POA in the case of an accident or sudden health concern. Divorce changes everything and you may need to reconsider how your ex is involved in your estate plans.
These few considerations aren’t the extent of what you might change in your estate plan. You may need to reach out for legal help when considering all your options.