25 Years Of Experience In Elder Law, Guardianship And Estates

If it’s been several years since you first drafted your estate plan, it may be time to take another look. Many people pass away without updated estate plans. As a result, assets and beneficiaries not included in an estate plan may lead to issues and legal battles.

It’s typical for many people to update their estate plans every five years to include new assets and beneficiaries. However, updating an estate plan every five years may be too long of a wait. There are many unique events that can lead people to need a revised estate plan. Here’s what you should know:

Updating your estate plan for unique events

Having an estate plan is important for many reasons since it can affect many aspects of a testator’s life. Here are a few unique reasons a testator should consider making changes to their estate plans:

  • Relocation: Most states have different estate planning laws. If a testator has recently moved to another state, then getting a revised estate plan that aligns with state laws can help avoid issues in the future.
  • Marriage: Many people want to make a place in their estate plans for their newlywed spouses. This may mean making a spouse a beneficiary, child guardian or power of attorney. 
  • Divorce: Conversely, a testator may need to reverse changes to an estate plan after a divorce.
  • Beneficiary death: While many people don’t wish it were true, a beneficiary can die. An estate plan may need to be altered to accommodate this loss so there are no discrepancies during the probate process. 
  • Children: Having a child can completely alter the intent of an estate plan. Testators may wish to make their children primary beneficiaries. Or, a child guardian may need to be included in an estate plan.

Because estate plans are complex, many people benefit from getting legal help as they plan for the future.