You have taken the time and spent the money drafting your estate plan, but if you do not routinely review that plan, you essentially have money going down the drain. Your estate plan will only protect you and your loved ones if it is updated to reflect your current estate. Therefore these common events should make you run straight to your estate planning attorney to have your Will updated.
Marriage or Divorce
If you get married after creating an estate plan, you obviously want to include your spouse in your estate. Especially if you live in a community property estate where your assets could enter into a courtroom battle during probate. If you have recently been divorced, you will need to remove your spouse as a beneficiary, trustee or even on your powers of attorney documents.
Whether you have had a child, adopted a child or now are in charge of a stepchild, you need to revisit your estate plan. Children are beneficiaries, typically, so you will want to ensure that each child is mentioned and taken care of in your estate plan.
New Property or Accounts
Your estate plan is detailed and discusses accounts and properties associated with you. If you open new accounts or buy new property, these need to be added into your estate to avoid being portioned out by the courts.
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