Questions regarding the proper time to make changes to an existing estate plan, will, or trust are very common – and confusing. Some life events create a need for change, and some do not. How do you tell the difference? You can, and should, certainly contact an experienced elder planning attorney who will know which changes should prompt the update. In this article we wanted to highlight a few that can also help you.
Divorce
Divorce is one of the main events that bring about the need to change your estate plan. In the event of your death, you want to be sure your possessions go to the right places. If you have divorced, you want to be sure your estate is not tied to anyone else.
Most estate changes after a divorce are easy for an experienced lawyer. He will ask you about your current life, any changes to your real estate ownership, your dependents and your personal property. After he has an idea of your wishes, he can make your changes.
Marriage
As with divorce, marriage is a major change in your life. You may wish to have your new spouse as beneficiary for any, or only a portion of your personal and real property. These changes are very important because laws can negate your existing will if it is not followed properly after a relationship change.
An experienced estate planning lawyer knows the laws that will affect you and knows of any current changes in the laws.
New Children or Dependents
Your children or dependents have a vested interest in your Will being accurate. For example, if you have a Will and have named your children, you want to be sure it allows for any future offspring or dependents. This will ensure that your possessions will go to the persons you intend. It also helps prevent challenges and issues with the Probate court.
Other Life Event
Any major life event can trigger the need for a change to your estate plan. If you aren’t sure if you are in need of a change, contact our office. Jason can advise you on the details about your entire estate plan. Contact us here.