Three times when it is important to review your estate plan

On Behalf of | Nov 6, 2021 | Uncategorized |

Is estate planning a set-it-and-forget-it thing? It should not be. Just as our lives evolve our estate plans should evolve along with it. The following are some situations in which a person in McMinnville will want to update their estate plan.

The birth of a child

If you executed your will and afterwards have a child, you will want to update your will to include that child. The same can be said about grandchildren. And, if you remarried you will want to make sure your will provides for your children from your previous marriage.

You divorce

If you divorce, you will want to make sure your estate plan no longer provides an inheritance for your ex-spouse. In addition, if your ex-spouse is listed as a beneficiary in a life insurance policy or retirement account, you will want to remove them as a beneficiary and designate someone else in their place. After all, most people do not want their ex to inherit these assets if they die.

Your executor or beneficiaries pass away

Sadly, sometimes young people pass away all too soon. It could be a sudden, tragic event such as a car crash or a long terminal illness such as cancer that claims the life of someone you designated as the executor of your estate or a beneficiary to your estate. When this happens, you will want to make sure you designate someone living as executor and to inherit your estate. If not, the matter may be left to the court, which may not be to your liking.

These are only three times when you should review and update your will. Essentially, it is a good idea to review your estate plan every few years, to ensure it still is enforceable and meets your wishes. Your estate plan is essentially your voice after you die so you want to make sure it is up to date and meets your needs.