It is important to review your estate plan regularly, especially if you have any of the following changes:
Once you have children, your estate plan needs to be updated to reflect that. Include your children’s names and for those under 18, you need to select a guardian.
Your spouse will not automatically become the executor of your estate if you pass away. Therefore, you need to name your spouse as your executor in your estate plan.
If you have named a spouse in your estate plan and now you are divorced, you need to adjust your plan to reflect that. The courts will recognize what is in your plan; therefore if you leave an ex-spouse in your Will they will be able to receive a portion of your estate.
When you remarry, you want your new spouse to be included in your estate plan. Therefore, immediately following the marriage ensure you update your Will with your new spouse’s information.
Reaching Middle Age
By the time you reach middle age your assets will grow. Therefore, revisit your estate plan to make sure your assets listed in your documents reflect what you currently have.
Death of a Spouse
When your spouse dies, you need to create a new Will and designate different individuals as executors and healthcare proxies. If you leave your deceased spouse in your documents, the courts will have to determine a replacement for you.
- Legal Assistance Is Invaluable During the Trust Administration Phase - July 8, 2021
- These Estate Planning Tips Will Help You Protect Your Family - June 17, 2021
- What Happens to Assets Not Included in Your Living Trust? - June 15, 2021