It’s important not to neglect your estate plan after you’ve written it. It’s true that just having a will is better than not having one at all. But an outdated will doesn’t necessarily give your family the instructions and guidance that you want for them at this time.
As such, updates are sometimes necessary. Below are three issues that may indicate that it’s time to review your estate plan and consider any potential updates.
1. Major asset changes
First of all, if you sell or acquire a major asset, consider what you want to do with it. For instance, maybe your estate plan says that your family home should go to your three children as joint owners. But if you sell that home, not only do you need to remove this provision, but you may need to decide how to divide the money from the sale.
2. A new focus
Next, the focus of your estate plan may change as you determine what you want to do with your assets. Maybe you want to give some to charity. Maybe you’re interested in disinheriting a beneficiary that you previously included. You can always update your plan to reflect your current wishes.
3. Changes to your family
Finally, when your family changes, you have to consider how it impacts your estate plan. For young parents, this means having a child. For grandparents, it could be the birth of another grandchild or even the death of a beneficiary. It’s also important to consider things like marriage or divorce.
Estate planning can be very beneficial for your family. As you can see, though, it’s important to understand all of the legal options you have and the steps you’ll need to take to leave them with an updated plan.