No one knows what the future holds. That is why it is important to have an estate plan in place – to ensure that your loved ones will be taken care of in case something happens to you. As time goes on, however, lives change and those changes call for updates to an estate plan.
When you get married or divorced
Updating your estate plan when you get married or divorced is especially important if you have children from a previous relationship – you will want to make sure that they are taken care of in case something happens to you. This can help avoid any potential conflict between your spouse and your children over your assets.
For one, you may want to remove your ex-spouse as a beneficiary on all of your accounts and policies. You may also want to update your will to reflect any changes in custody arrangements for your children.
When you have or adopt a child
If you have or adopt a child, you will want to add them as a beneficiary on your accounts and policies, and include them in your will. You may also want to consider setting up a trust for them.
Another thing to think about is who you would want to be their guardian in case something happened to you and your spouse. This is something you can designate in your will.
When you move to a new state
Your will should reflect your new domicile as well as any changes to your assets or beneficiaries. You may also want to consider setting up trusts in multiple states if you have property in more than one state. This means that any estate planning documents that designate someone to act on your behalf (such as a power of attorney or healthcare directive) will need to be updated with your new address.
Going through these life changes can be difficult, but it is important to make sure that your estate plan reflects your current situation. Whether you are divorced, have children, or have moved to a new state, be sure to update your documents accordingly.