Many people make estate plans and update them every couple of years. However, there may be life events that cause people to update their estate plans early.
Here’s when you should consider updating your estate plan early:
1. A marriage
One thing to consider after marriage is adding your spouse to your estate plan. Many people want to ensure that their spouse is named as an heir so that they can live comfortably if the testator passes away.
Another reason you may wish to add your spouse to the estate plan is if you trust them as your power of attorney. As your power of attorney, your spouse can make health and financial decisions on your behalf. This way you and your spouse are comfortable knowing you’re in safe hands.
Finally, if you had kids with someone else and their other parent passed away, you may want to name your spouse as their guardian. Your spouse may be able to adopt your children, but, until then, you can feel at ease knowing your children will be under your spouse’s guardianship.
2. A divorce
Conversely, maybe you’ve already added your spouse to your estate plan as an heir, power of attorney or guardian. After a divorce, you may no longer feel they should be included in your estate plan and wish to redact them from any further involvement.
3. The birth of a child
Many people include children into their estate plans. Parents may wish to name guardians or set aside assets for their children’s future. For example, a trust could be made to fund a child’s education and may only be used once the child is an adult. Furthermore, people may want to include grandchildren in their estate plans for similar reasons.
4. A beneficiary’s death
Unfortunately, you may outlive a beneficiary. When this happens, you may need to reconsider where assets go in your estate plan.
If you’re considering updating your estate plan, then you may need to consider your legal options. Laws change every year and talking with someone who has a strong understanding of the legalities involved may be able to help you out.