There’s one thing that is constant in life…and no, it is not taxes. Instead, you can always depend on changes to be a part of your life. Think about it, as we get older, we may fall in love. We may even get married and have children. Also, we lose loved ones to old age and sometimes to tragedy.
When changes occur in your life, your estate plan should change with them. This post will highlight some common situations where your estate plan should change.
Divorce – When your marriage ends, it is essential that your estate planning documents be changed. This is especially important if you have named your prior spouse to be an executor to your estate or as a beneficiary on your insurance policies. If you don’t make these changes, you run the risk of putting someone who you are at odds with in charge of administering your estate or even claiming your personal assets.
A new baby – Conversely, bringing a new child into the world is a great time establish a will or to make adjustments to your current estate plan. As a new parent, you want to ensure that your new heirs are provided for. At the same time, you want to appoint someone you trust to take care of him or her in the event something happens to you.
Changes with heirs – Similarly, when your heirs experience life changes, you may want to make adjustments to your estate plan in order to protect them. Think of accidents that severely injure kids so that they need special care, or revelations that children have substance abuse problems.
If you have questions about how to make changes to your estate plan, an experienced attorney can help.