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Revise your estate plan after these life-changing events

| Jul 22, 2021 | Estate Planning |

You may believe that once you create an estate plan, there is nothing else you need to do with it. However, this is a myth, and there are times when you need to make it a point to go back and make changes to it.

Your will and the other fiduciary tools in your estate plan often need revisiting and revising. Consider some instances when taking steps to modify your final wishes should become a priority.

You purchase property

Anytime you acquire a new piece of property or real estate holding, you may need to make some estate plan modifications to account for who gets it. If you have concerns about what may happen to the property should you die unexpectedly, you may always put a co-tenant or owner on the deed. That person or entity will assume the property upon your death and the parcel will not go through probate.  However, it is wise to speak with an attorney prior to adding a co-owner on the property in order to make sure your wishes are being met in the best way and that there are no adverse consequences to adding the co-owner.

You have a child

Children need constant care. Under the law, you are responsible for taking care of them until they reach 18. If you have a child and do not account for guardianship in your estate documents, you will cause difficulties. It is also important to lay out in your estate planning documents who should handle any funds being left to your minor children in a trust.

You get a divorce

When you marry, your spouse is often the person who inherits should you die. However, when you divorce, you may not necessarily want that to happen. Property and accounts that still exist post-divorce may still go to your ex rather than to other members of your family. You may also want to revisit beneficiary designations for life insurance and retirement accounts after divorce.

Making relevant changes to your estate plan should not prove burdensome.