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Is your estate plan up to date?

On Behalf of | Jun 23, 2022 | Uncategorized

Have you created an estate plan (a will, living trust, health care directive and a power of attorney)? If you have, congratulations! You have taken an important step towards securing your future as well as that of the people you cherish.

However, an estate plan is a living document, one that requires regular maintenance to reflect changes in your circumstances. Failing to update your estate plan can lead to costly disputes that might scuttle your wishes and cause untold pain to your loved ones. So, when should you update your estate plan?

Here are two important life changes that should prompt you to update your estate plan.

You’ve had a child

Having a child or adopting one is a valid reason to update your estate plan. As soon as you become a new parent, it is important that you update your will to allocate inheritance to the newest member of the household.

Other updates you need to make on your will include:

  • Designating a guardian for your child
  • Updating your health insurance policy
  • Setting up a living trust for your child

You have got married or divorced

If you created your estate plan before tying the knot, it is important that you update your will to include any inheritance you might want to apportion to your spouse. You might also want to assign your health care power of attorney to your spouse. And if you divorce, it helps to review and remove your ex from your list of beneficiaries. Additionally, you may consider stripping them of the healthcare power of attorney designation. However, while updating your will, be sure to comply with the divorce settlement stipulations.

Done right, an estate plan will articulate your wishes when you are no longer around to make important decisions. Find out how updating your estate plan can help you avoid disputes over your estate.