We all experience various milestones in our lives. We get married and have children who in turn grow up and have kids of their own. We get a job, quit and start a new one. People and relationships come and go. Along with our character and personality, it’s these personal events that shape who we are.
They also can mean it’s time to review your estate plan. You were at a certain point in your life when you executed your plan. As the years have gone on, things have likely happened that could make certain parts of the plan obsolete or less than ideal. Reasons to consider changes to your will, trust or other parts of your estate plan include:
- A change in marital status — getting married or divorced, or the death of your spouse.
- The birth or adoption of a child.
- Grandchildren join the family.
- The person you chose to be the executor of your estate or your power of attorney has died, is no longer capable of handling the job or has become estranged from you.
- Your relationship with one of your heirs or beneficiaries has become strained or ended altogether.
A review does not have to take long. You and your estate planning attorney can go over your documents together to find out if anything needs to be updated, which can be done with a codicil (a document supplementing your will) or by creating a new version to replace the original. This way, when you pass away, your legacy will be honored as you wanted.