While estate planning is extremely important, it is not an easy topic to approach directly. Nobody wants to think about their own death, but the benefits of a sound estate plan far outweigh the negatives.
When you have finally made that positive step and tackled your estate plan head-on, do you need to think about it again? The short answer is yes. To ensure that your final wishes are honored, you want to revisit your estate plan at least every year or two. If the events described below are relevant to you, then you may want to update your estate plan as soon as possible.
A new addition to the family
As a new parent, your child will mean the world to you, and you want your estate plan to back this up. Not only can you ensure that your child receives an inheritance, but you can also settle who is to look after them should something happen to you. By including the child in your will, or setting up a trust for them, you can at least make sure they have no financial worries as they mature. By nominating a legal guardian, you also guarantee that your child receives the best possible upbringing if you unexpectedly become incapacitated.
A change to your relationship status
As well as your children, you want to make sure that your partner is cared for if something happens to you. Perhaps your previous will includes your former partner, who you no longer wish to receive any of your assets. By taking the appropriate legal steps, you can ensure that the right people benefit from your estate.
There are numerous reasons why you may want to consider updating your estate plan. If you are confused by this process, it will benefit you greatly to look into your legal options in more detail.