Spring will officially be here this coming Monday. While there may not be significant weather changes in our region, spring is often seen as a time of change. New flowers will bloom, baseball season begins and weddings will happen with more frequency.
Change not only occurs with every season, it also happens when one chapter of our lives closes and another chapter begins. When life changes occur, should you make changes to your estate plan? This post will explore the answer to this question.
Generally speaking, a change to your estate plan should be made when a life event affects who your potential beneficiaries may be or if what they stand to inherit changes. For instance, if you have a new baby, you may want to consider changing your will to add the child as someone you will leave a portion of your assets to.
You may also want to take out an insurance policy, or modify your current one, to add the child as a potential beneficiary. It may also be necessary to establish a trust to secure money or assets that are to be left to a child. Additionally, naming a potential guardian to care for your little one is a must, in the event you are no longer able to.
Indeed, changes to an estate plan should not be made without careful consideration of what other changes may need to be made. Because of this, a conversation with an experienced estate plan attorney is helpful.
The preceding is not legal advice.