You made your estate plan a few years ago. At the time, it covered everything: your beneficiaries were declared; you had a trusted executor of your estate; you may have named a medical power of attorney and a separate financial power of attorney. Everything seemed in order.
However, life changes fast and after a few years, an estate plan may need crucial changes. It’s often important that people update their estate plans regularly. Here’s how you can know it’s time for a revised estate plan:
1. You got married
You may have been married since your last estate plan was formed. This could mean you want your spouse to inherit some or all of your assets. You may even plan to designate your spouse as a power of attorney to handle any financial or medical decision if you’re incapacitated.
2. You got a divorce
Conversely, your estate plan may have included a recently divorced spouse. This could mean that your ex-spouse is still in line to inherit from your estate. Worse, they may be designated as your power of attorney and may no longer have your best interests in mind. Unless you want them to control what happens to you if you’re incapacitated and get a share of your estate, you need to make some fast changes.
3. You had a child
Having a child means planning for the future and what better plan than including them in a will or trust? Maybe you want to set up a trust for your child’s future and education. Or, if there’s an unexpected tragedy, you might declare a potential child guardian in your will.
Life happens fast and there’s often no better time to update an estate plan than now. You may need to reach out for legal help when revising your estate plans.