Your estate plan, which includes your will, any trusts you create, and other documents, is typically not something that is set in stone. This is because you may experience a number of life-changing events after you complete your estate planning that require you to make some updates to these documents. Here are a few of the life-changing events that could occur and how they could impact your estate plans.
If you get married, you’re going to need to completely revamp your estate plans. While your spouse will typically inherit your entire estate if you die, you may not necessarily want that to occur. For example, if you have children from a previous relationship, you may want to make certain they receive specific parts of your estate. You might also want to leave specific assets to a charity or other organization. You may now need to create a trust or at least update your will.
Getting divorced is another reason to change your will and other documents. You may have planned your estate with the idea that your spouse would inherit all or most of your assets, and that’s no longer the case now. You will need to designate heirs for those assets and may need to designate a new executor for your estate.
Another major life change that requires you to update your estate plans is if you have children. If this is your first child, you may need to change much of your plan. If you already have children, there may not be as many changes needed, but you will still want to acknowledge them as an heir in the paperwork. You may also want to set up specific trusts for your children to ensure that they use some of their inheritance for college or other specific purposes.
No matter how your life has changed, you need to make certain your estate is updated. You also want to make certain your estate plan is fully valid legally and covers everything it should. To that end, you will want to work with the legal experts at Bell & Shah Law to plan out your estate. Contact us today to schedule a visit.
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