Choosing The Right Times To Update Your Estate Plan
If you are getting ready to start an estate plan and draft your will, it's in your best interest to recognize that will as a living document. Your estate plan, will, and trust documents should be reviewed at least once a year or following any major changes in your life. In fact, there are a few key considerations for times when you need to make sure to update your will. Here's a look at some of the times that you need to consider.
Any Changes In Marital Status
Whether you've gotten married, divorced, or separated, you need to review your estate plan for accuracy. Update your beneficiaries, change your trust details, and make sure that your executor is someone who is not connected to your marriage or your relationship. That way, you don't have to worry about picking a new executor simply because of a change in your relationship status.
New Milestones In Parenthood
If you have another child or one of your children gets married and their inheritance needs change, you should update your estate plan. You might establish education funds for each of your children, but you can reallocate an unused fund if that child gets married.
When you have minor children, your estate plan should detail the guardian you wish to be responsible for your children in the event of your death. Keep that role updated regularly as well, in case anything changes. Make sure that any element of your estate plan related to your children is current at all times.
Investment Growth Or New Acquisitions
When you buy a new property, sell a property you previously owned, or make changes to your collection of valuables, your estate plan and will should reflect those changes. Your estate inventory should be current at all times, including any necessary appraisals or further details to support the value distribution.
Family Concerns Or Disinheritance
If something changes in your family dynamic and you need to disinherit someone, make those changes as soon as possible. Remember that life is unpredictable, so if something is important to you, do not delay the changes. You can include additional documentation to support your decisions if you feel that it is necessary, and you can always revert the changes later if needed.
These are just a few of the things that you should know about times when you should update your estate plan. Talk with a local probate lawyer for more help.