A Compassionate,
 Full Service Law Firm

3 reasons people update their estate plan

On Behalf of | Mar 1, 2023 | Estate Planning

Many people make an estate plan only to forget about them. And, some people don’t realize that an estate plan often needs updating. An outdated estate plan can create a lot of issues for families when they find out a will includes missing assets and deceased beneficiaries.

While it’s generally believed that an estate plan should be updated regularly. Even if you updated your will no less than a year ago, there may be a significant change that requires you to give it some attention. Here are several instances that may lead you to update your estate plan:

You married or divorced

Marriage means you’ll likely have to make a lot of changes in your life. For starters, you may feel the need to add your newly beloved to your estate plan to ensure they benefit if you suddenly pass away.

Conversely, a divorce may lead you to reverse any changes done to your estate plan. Redacting any decisions to include your ex-spouse from your will may also be a reason for an updated estate plan.

You had a child or grandchild

Your estate plan may also include a trust, a legal document that has many benefits compared to a will. For instance, you may want to include a trust if you recently had a child or grandchild. A trust can put aside assets for when the child is grown enough to accept the responsibility.

A beneficiary passed away

It can be unfortunate to find that you outlived one of your beneficiaries. Because of this, however, you may need to remove the deceased beneficiary. This way your assets aren’t fought over by living heirs.

When was the last time you updated your estate plan? Have there been any major changes in your life? If it’s been too long and you need to update your estate plan, then you may need to reach out for legal help.