You may believe that estate planning is a one-time event. However, certain circumstances necessitate a revision of those plans.
With the ever-changing nature of life, your plans for the future often need tweaking. Your will is the document that makes its way through court and succession proceedings. This ensures that the disposal of the money and property you own when you die happens according to your wishes. Make updating your will a priority during any of these life events.
Did you create a trust?
A trust acts as a depository for a property. A trust may work well for your estate planning. It may benefit your family by moving whatever you deposit outside of the succession process. However, if you do not go back and delete those items from your will, your administration proceedings may proceed slower.
Did your relationship status change?
A marriage usually means combining finances and acquiring assets together. Your estate plan may need to account for your spouse. On the flip side, if you divorce, you should revise your estate plan to change beneficiaries. Adding or removing a spouse from your will and other estate documents is a critical revision.
Did you have children?
Becoming a parent is another life event that necessitates estate plan changes. When a child is under 18, you need to provide guardianship directives the court follows after your death. This means appointing someone who can step in and raise your child rather than allowing a court to decide.
Think of your estate plan as an ever-evolving set of documents. If you are unsure if your documents need revising, ask a professional for guidance.