Your estate plan should reflect your life at the time. For example, an estate plan you created 10 years ago probably won’t be relevant anymore. You might have gotten divorced, had a baby, moved homes, got a new job, etc. As a result, it is important to update your estate plan when there is a major change in your life. As a general rule of thumb, you should take a look at your estate plans every 2-3 years. Read on to learn more about when to update your estate plans.
When should I update my estate plan?
- Executors or trustees become inappropriate: One of the most important decisions you can make is who should take care of your estate plan in the event of your passing. Our relationships can change, and you may realize that the person you chose is no longer the best choice for the job.
- You moved to another state: Each state has its own estate planning laws, which is why it is critical that you update your estate plan as soon as possible after moving to a new state. For example, in some states, there may be variations in the number of witnesses required in order for a will to be valid, while in other states, depending on where you live, may make a spouse inherit a minimum share of an estate.
- Divorce/remarriage: Your spouse will likely play a large role in your estate plan. As a result, a divorce, marriage, or remarriage will require updates to your estate plan. For example, you will want to include your new spouse in your will. On the other hand, you will want to make sure your ex is not your executor, and so on.
- Birth/adoption: A new addition to the family will mean updating your estate plans to include the new member.
- The loss of a loved one: If a loved one who was named in your estate plan passes away, you will have to update your plans to reflect this loss.
If you have any estate planning questions, our firm is here to help. Reach out today to speak with an experienced attorney.
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Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.
