You took the vital step of addressing your estate plan a number of years ago. However, your life has changed substantially since then. Estate planning can be daunting, so it’s tempting to fall into the trap of thinking it’s a one-and-done event. This is not the case though. Your estate plan needs to adapt according to your current circumstances.
Outlined below are some events that could mean it’s time to take another look at your estate plan and ensure that it meets your current wishes.
Your marital circumstances have changed
Did you get married sometime after drafting your initial estate planning documents? Or perhaps you’ve just entered into a new relationship? In any case, it’s likely that you want to include the person you love in your estate plan.
While your marital partner may have automatic rights to inheritance, the only way to guarantee this for sure is to include them in your estate planning documents. At the same time, if you’ve recently divorced or separated from your long-term partner, you may want to exclude them from your will.
You have new children
You didn’t have children at the time you first drafted your estate plan, which means they are not included in it. Not only is it important to address this in terms of ensuring they receive an inheritance, but you can also nominate a legal guardian to care for them should something happen to you.
Any life-changing event can result in a need to update your estate plan. Having legal guidance behind you can ensure that the documents involved in this process are valid, accurate and in line with your current wishes.
