Have you made any changes to your estate plan since the last time you drafted it? If it has been more than five years, then it may be time for a revision. It is often recommended that an estate plan be revised every three to five years. However, you may not know what to focus on when reviewing your estate plan.
There are several aspects of your estate plan that you may need to consider revising. Some of these matters may depend on whether you had any major life events happen to you. Here is what you should know:
1. Altering an estate plan after a divorce
Many people include their spouses in their estate plans. A spouse may be considered a primary beneficiary or power of attorney. However, divorce may cause you to consider retracting these decisions. You may want to consider removing your ex-spouse from your estate plan so they do not benefit from your estate or make decisions that would not be in your best interests.
2. Planning your child’s future
If you had a child after you drafted your estate plan, you may want to consider reviewing your last wishes by planning for your child’s future. You can use your estate plan to make a trust fund for your child. A trust could help provide assets for your child’s future endeavors, such as higher education or business investments.
3. Reassigning important roles after a falling out
You may have had difficulties recently with the person you assigned as your executor, power of attorney, child guardian or beneficiary. This falling out may have caused you to reconsider whether they are included in your estate plan.
If you need to revise your estate plan, then it can help to reach out for legal guidance to help you address any issues.