5 Life Changes That May Mean You Should Update Your Estate Plan

 Posted on August 10, 2023 in Estate Planning and Probate

Making an estate plan is not normally something a person does once and can then forget about. Your estate plan is a dynamic set of instruments and in almost all cases, you can change your plans at any time. If you have recently experienced a significant life event, it may be time to update your estate plans to reflect the change. Few people would want their ex-spouse to remain listed as a beneficiary, or inadvertently omit a new family member. It is important to regularly revisit your estate planning documents to check whether the plan you have on paper is still the plan you want. You may wish to change who your beneficiaries are or update your documents to reflect a new home state’s laws. It is best to visit an estate planning attorney after any major life change so that you can be sure that your plans still reflect your wishes. 

Life Events That May Trigger a Change in Estate Plans

Especially when there are changes in the structure of your family, it is best to update your estate plans as soon as you are able to. Common life events that trigger people to change their estate plans include: 

• A new baby - If you have a new baby, you will likely need to update your will for the purpose of naming a contingency guardian. If you do not name a contingency guardian for your child, the court would likely choose someone and it may not be the person you would want to raise your children.

• Divorce - If you are getting divorced, it is a good time to change your estate plans. You likely do not want to leave anything to your ex-spouse. If you have children in common, your lawyer can help you strategize so that your children can benefit from your estate in a way that is less likely to be abused by their other parent. 

• Marriage - Most married people name their spouse as their primary beneficiary. If you are newlywed, you may want to change your documents in order to protect your spouse in case something happens to you. 

• Death of a beneficiary - There is always a chance that one of your designated beneficiaries could pass on before you do. If this happens, you will likely want to redistribute the assets that would have comprised that person’s inheritance. 

• Moving to a new state - The laws surrounding estate planning can vary greatly from state to state. If you are now living in a new state or have acquired valuable property there, you may need to make slight changes to comport with local law. 

Any major change in your life may mean that your estate plans are due for an update. 

Contact a San Antonio Estate Planning Attorney

Geoff Mayfield, Attorney at Law is experienced in helping people change or create estate plans. As a skilled San Antonio estate planning lawyer, Attorney Mayfield will strive to make sure that the plan you have is the plan you want. For a complimentary consultation, contact us at 210-535-0870. 

Source: 

https://www.fidelity.com/life-events/estate-planning/update-estate-plan