There’s a belief that the key to a long life is being able to adjust as life changes. There may be some truth to that. After all, technological innovations have changed the way we communicate with each other, safety innovations have changed how cars and trucks are designed and changes in law have changed the way we live.
Similarly, changes in your life are equally as common. We fall in love and get married, have children and sometimes experience loss. When you experience changes in your life, your estate plan should change as well. This post will highlight some common situations where this may happen.
Divorce – When your marriage ends, it is essential that your estate planning documents be changed. This is especially important if you have named your prior spouse to be an executor to your estate or as a beneficiary on your insurance policies. If you don’t make these changes, you run the risk of putting someone who you are at odds with in charge of administering your estate.
A new baby – Conversely, bringing a new child into the world is an great time establish a will or to make adjustments to your current estate plan. As a new parent, you want to ensure that your new heirs are provided for. At the same time, you want to appoint someone you trust to take care of him or her in the event something happens to you.
Changes with heirs – Similarly, when your heirs experience life changes, you may want to make adjustments to your estate plan in order to protect them. Think of accidents that severely injure kids so that they need special care, or revelations that children have substance abuse problems.