Making an estate plan may seem daunting. Yet, once you start you’ll probably find it is far less so than you imagined – especially if you get appropriate legal guidance.
Once you have the initial plan, it becomes relatively simple to keep it up to date, which you must do. Reading through your estate plan every one or two years can help you catch any adjustments you need to make. However, some life events are significant enough to require an immediate revision:
Marriage
Marrying someone usually means they will be entitled to a chunk of your estate when you die. If you had previously designated all your assets for others, you need to amend that. Or consider a prenuptial to limit the need for this.
Divorce
As a couple, you will likely accrue new assets together. You should ensure your estate plan reflects this. If you then divorce, you’ll again need to ensure the estate plan is an accurate reflection of the assets you are left with.
Births
If you welcome a new child to your family, you’ll need to update your estate plan to put a guardian in place in case you die while they are still young. You’ll likely also want to ensure your child inherits from you.
Deaths
If your estate plan has someone down to receive assets from you, you’ll need to remove them if they die first. You’ll also need to remove anyone who dies that you had nominated for a role as an executor, power of attorney or guardian.
As with making your initial plan, legal help can make updating much simpler.