When was the last time you made your estate plan? If it’s been three to five years, then your estate plan may be outdated. You may need to revise your estate plan to include new assets and investments. This may also mean you need to name new beneficiaries.
However, you don’t need to wait until you’ve gained new assets to revise your estate plan. You may need to revise for the following reasons:
1. Removing a spouse after a divorce
Many people change their estate plans after divorce to remove their spouse. A spouse may be included in a will as a primary beneficiary. Removing them may benefit any other beneficiaries.
You may also need to consider removing your spouse from your estate plan if you named your spouse as a power of attorney. However, your spouse may no longer have your best interests in mind and allowing them to control your financial and medical decisions may harm you.
2. Adding a child guardian for a newborn child
If you’re a new parent, you may be thinking a lot about your child’s future. While you may not like the idea of it, you may not always be in your child’s life. If you suddenly pass away, you may need a child guardian to help raise your children.
3. Changing your executor
The role of the executor is large. They may be responsible for resolving your estate, which can include locating assets and executors, collecting death certificates and paying taxes and debts. That’s a lot for one person and your executor may no longer be in a position to take on the role. It may help to talk with your executor and see if you need to make changes to your estate plan.
There are a lot of reasons you may need to revise your estate plan. You may need to reach out for legal guidance as you discuss your options.