The process of estate planning is a lifelong endeavor. Many people update their estate plans regularly. The typical amount of time between updates is about three to five years.
Life is unexpected, and you may have a reason to make changes earlier. Here are a few reasons you may need to revise your plans:
1. After marriage
Marriage is a big life event. It may be important to alter an estate plan to include a spouse. A spouse may be a primary beneficiary or executor of the estate for example. Testators may also name their spouse as a power of attorney since they may be the most trusted person to act on behalf of the testator with their best interests in mind.
2. After a divorce
Testators may wish to update their estate plans if they have gone through a divorce. An ex-spouse may need to be removed from an estate plan because they can no longer be trusted or because the testator no longer wishes to involve them in their life or leave them anything in their will.
3. After having a child
There is a lot that an estate plan can do for a child. A testator may want to alter their estate plan to include their child as a beneficiary of a will or trust. A child guardian can also be named. A child guardian can help raise a child in place of the testator if they become incapacitated or suffer a fatal condition.
4. After a beneficiary passes away
Unfortunately, a testator may outlive the people they placed in their estate plan. If a beneficiary passes away before the testator, the testator may need to name a new beneficiary so there is no confusion when the assets are distributed.
As you make considerations for a revised estate plan, you can reach out for legal help to learn about what you may need to change.