Instances When An Estate Plan Should Be Updated
Estate planning could be necessary when you want to protect your assets for your loved ones. Estate planning has helped many people secure their assets and list beneficiaries who would inherit the assets in case of the applicant’s death. It would help if you considered estate planning in Ridgeland to ensure your family acquires your assets.
Apart from listing the estate and beneficiaries, updating the estate plan should be considered. Many people neglect to update or make changes to their estate plans. It could only lead to the acquisition of an estate by unwanted beneficiaries or the court. This blog covers various instances where you must change or update the estate plan:
- Marriage or divorce
The only time you would be needed to update or make changes to your estate plan is after a marriage or a divorce. When you get married, your spouse will likely have some assets they want to keep as separate property and assets they wish to own as marital property. In such cases, it would become necessary for you and your spouse to add all the assets and estate to a trust or a will.
Apart from the marriage, a divorce can affect the ultimate decision of the estate plan. Divorce also involves property division. Before you decide to proceed with the divorce, you must make changes to the estate plan by seeking legal help from an estate planning attorney in Ridgeland.
- Birth or adoption of a child
When a couple decides to give birth to a child or adopt a child from a home or foster care, they would likely want to gather the best opportunities for the child. Parents want the best for their children. Similarly, when you decide to give birth to or adopt a child, you must add them to your estate plan if you want them to be the beneficiary.
The child will be able to receive the assets and the estate in the event of your death. Also, you could add more than one child to an estate plan. The entitlement of assets or property is not restricted. The changes and updates in a child’s estate plan could be done per your wishes.
- Financial changes
The estate is directly linked to our finances. Similarly, it would become necessary to make changes to the estate plan when there are significant financial changes in your life. For example, changing and updating the estate plan accordingly would be the most optimal solution if you decide to retire.
You should update the estate plan when you come across an inheritance from your grandparents. Inheritance can likely include a set of property or assets. Such factors must be added to the estate plan’s will or trust.
