If you already have an estate plan in place for yourself and your spouse you cannot simply file it away and sit on it for years to come. The estate plan is a set of legal documents that should be reviewed every so often to ensure that they still reflect your wishes and your familial situation. Here are the most common life events that should force you to review and update your estate plan.
Having a child is one of the first times you should review and update your estate plan. Don’t want until you are done having children to make the necessary changes. An estate plan should be updated with each new child in your family. The same goes for when grandchildren are born to you and your spouse.
If you have gone through a divorce you should update your estate plan. You will want to remove the name of your former spouse from all of your legal documents, unless you want to keep them listed for one reason or another.
Did you get remarried? It’s time to update your estate plan to recognize your new spouse and protect any children from a previous marriage. The same goes for a third or subsequent marriage.
Has your spouse become ill? Did you get diagnosed with a disease or illness? It might be time to review your medical power of attorney and other legal documents in the estate plan that govern your medical care.
Now that you know when it’s time to update your estate plan you should take a look at it immediately for any necessary changes. Make sure you speak with an experienced estate planning attorney about your documents so they can be reviewed appropriately.