When was the last time you looked at your estate plans? It’s likely been some time. Estate planning is a lifelong process, so there are times when you really do need to revisit your estate plans and make some changes.
One of the most common reasons people update their estate plans is because it’s been a while since the last time they did. Over time, you’ll build up your estate, so you need to update your plans to reflect those changes. That may mean re-establishing how much people should expect to benefit from your estate.
There are also many other reasons to update your estate plans. Here are a few that are significant:
Including a spouse in a will
Did you just get married? You may need to make some changes to your estate plans to make sure that your spouse doesn’t face any difficulties if you suddenly pass away. While you may expect your estate to automatically go to your spouse, that’s not guaranteed — especially if you already have an estate plan without them in it.
Creating a trust for a child
Did you recently have children? You can help seed your children’s futures by creating trusts. A trust could set aside assets for your children to use when they’re older. These assets could even be used only as instructed, such as for a marriage or college education.
Disinheriting an heir
Did you recently have a falling out with an heir? You don’t need to keep someone in your estate plans who you’d rather disinherit. Disinheriting someone may mean you need to reconsider what assets others are set to inherit.
Making a business succession plan
Do you own a business? You could keep a business in the family with a well-made business succession plan that will protect what you’ve struggled so hard to build.
If you’re ready to update your estate plans, it could help you to reach out for legal guidance and learn about your options. A carefully crafted estate plan is a guarantee for the future.