When Should You Update Your Estate Plan?

It’s good if you have your estate planned out, but when was the last time you saw it and locked it into your safe vault? Don’t remember? Then the time has come to review and update your Estate Plan because your life must have undergone some significant changes. 

The blog post will tell you when so, keep reading.

When your life experiences some prominent changes, then estate planning needs to go through updates: 

You Just Became A Parent 

The happiness of becoming a parent is boundless. Irrespective of the fact that you have adopted a child or given birth to one. It gives you a big motivation to update your Will. You don’t want them to struggle to survive on their own if you or your spouse passes away. 

If your children’s age falls in the category of minors, then mention the name of the guardian. You have to be specific about who will be responsible for looking after your child. Also, write the adult’s name, who will manage any property or money they will inherit. The person can be the same, whom you have granted to be the guardian. But, when money is involved you might want to include someone more financially quick. 

In Case Of Marriage or Remarriage 

If your marriage happened after estate planning, you should update your will, and create a new one from scratch. You can go for a living trust that mentions your spouse’s name and write what you would want them to inherit. In many states, there is a law that your spouse is entitled to one-third of your property. 

Whether or not you leave anything for the partner after you pass away they have a part of your property. While in community property, things are different. The spouse will earn half of the property during marriage unless you have prepared written documentation.

The St. Louis estate planning attorneys at TdD Attorneys at Law urge you to look in your will and see if you have mentioned any names of the beneficiaries. Like who will inherit bank accounts, life insurance policies, and retirement accounts. Include your spouse’s name, which will be possible through filling out new forms. 

If your spouse has changed like you are remarrying someone, you should consider updating the will. Add about what your current spouse can inherit after you pass away. 

Divorced 

People don’t bother changing their wills once they get divorced. Therefore, the states get an opportunity to reverse whatever was left for the former spouse to inherit. But, some areas will follow what the will says. 

It is best to update your plan to prevent getting stuck in any mess. Amend the beneficiary’s name, who was previously entitled to inherit your life insurance policies, bank accounts, and retirement if applicable. 

During the necessary revision, ensure that your new planning complies with the terms and conditions of the marriage and divorce decree. 

The Spouse Passed Away 

Another reason to update your planning is the passing away of your spouse. You will have to update the estate plan by removing the name. For this, appoint new lawyers and healthcare agents who will help you update your new heirs to inherit your property. 

With this, we wrap up the blog and hope you get sufficient information on when you should update your estate plan.