3 Reasons to Update Your Estate Plans

Life happens. We pride ourselves on being able to adapt to the changes, to go with the flow. All too often, though, we forget to adjust our estate plans as we are adjusting our lives. Westwood Press lists reasons to update your estate plans. We discuss three here today.

1. Change in Marital Status

Marriage, divorce, and the death of a spouse are among the most jarring life changes anyone could face. Some people presume that everything will work out because the current spouse and biological/adopted children will receive your assets if you die without a will. However, not everyone's situation is so clear-cut. If you raise your stepchildren without ever officially adopting them, for instance, they receive nothing unless you named them specifically in your will. (Note: Westwood Press reminds readers not to rely on automatic revocation of beneficiary designation in a divorce. It's best to review all documents and change as you see fit.)

2. Issues with a Loved One

Your older sister agreed to be your medical proxy when you first drafted your estate plans a decade ago, but she died suddenly last November. You and your spouse wrote a will after the birth of your children, naming your brother as guardian. He was the perfect choice at that time, but he has since developed a crippling opioid dependency. You are concerned that your daughter's husband will squander her inheritance. You had a falling out with your favorite nephew. You reconciled with your estranged granddaughter. You can address all of these issues by updating your estate plans.

3. Relocation

You moved to a different state. Maybe you wanted to retire somewhere warm, or perhaps you had relocate for your career. Whatever the reason, you will need to update your estate plans to conform with (and take advantage of) the laws of your current state of residence. 

Westwood Press lists a few more reasons that you should update your estate plans. No matter how much or how little your life changes, consult with a your attorney or other estate planning professional before you update your plans!

For more information, visit Westwood Press here: https://ow.ly/NZm230jB2yR

Have you ever had to revise your estate plans? Share your thoughts and experiences below!