An estate plan is not something you like to think about, but it is critical for your family. One aspect of the process is ensuring that it remains relevant.
Allowing your estate plan to fall out of date may have repercussions for your heirs. When certain life events happen, you may need to consider your plan and make appropriate adjustments.
Did your spouse die?
A change in your marital status requires you to update your estate. Whether you divorced or your spouse died, you will need to substitute someone else in the roles your spouse played. For instance, if your spouse was the executor of your estate, you will need to appoint someone else. You want to also change beneficiary designations on retirement accounts, life insurance and trusts to ensure those you wish to receive those funds do.
Do you have children?
Perhaps you did not yet have children when you drafted your estate plan. Once you become a parent, you should change your estate documents to ensure someone of your choosing takes care of your kids if you die before they turn 18. In your will, you can appoint a guardian who will assume responsibility for minor children.
You may want additional documents that give your wishes when it comes to your medical care should you become ill. Power of attorney documents may ease some stress on your family should you become incapacitated.
These are only some of the times you may want to revise your estate plan. You can do so at any time.