Updating Your Estate Plan

Very few things in life ever remain the same. Many of those things are small changes that do not have any legal significance. On the other hand, some changes are large enough to require changes in your Estate Plan.

Marriage, divorce, buying or selling property, or even changing jobs typically requires a re-evaluation of your Estate Plan. Each of these involves significant changes in your assets that are typically affect your estate. If this change in assets is not accounted for in your Estate Plan, it may subject you to an extensive probate proceeding, thus defeating the purpose of your Estate Planning.

Also, changes in the status of children can require changing your Estate Plan. Whether children are born as an addition to your household, or they turn 18, each change should be reflected in your Estate Plan. It is crucial when you have minor children to have them taken care of in your Estate Plan, which includes appointing a Guardian or Conservator for them in your Will. Also if there are family divisions, you can disinherit someone through your Will as well.

Even if you do not expect major life changes, you should review your Estate Plan every three to five years to make sure that it matches your ongoing wishes and circumstances. An Attorney can help you make the necessary changes.

If you would like to contact Owens & Perkins regarding Estate Planning services, click here.