Throughout life, your responsibilities and assets will likely change many times, so it’s wise to ensure the estate plan reflects your current circumstances. An outdated will, for example, might leave out new belongings, and old powers of attorney may give legal authority to someone with whom you no longer have a relationship. Below are a few situations which should trigger a review of your estate planning documents.

When Should You Update Your Estate Plan?

1. Marriage

Marriage is one of the most important relationships you can enter, giving each spouse special legal rights and obligations. Speak with an attorney to ensure the will accurately reflects your wishes regarding the distribution of all assets, especially if either of you has children from previous relationships.

2. A Divorce

In most states, getting divorced automatically revokes any provisions in an estate plan favorable to your former spouse, including your will and insurance policies. However, the assets left to a former partner will be distributed among your family members by the court, without regard for the quality of these relationships. Updating your will and other estate planning documents is the only way to prevent conflicts and ensure your wishes are respected.

3. The Birth of a Child

As a parent, you have significant responsibilities. To ensure your children are cared for if something happens to you, consider updating the will and including life insurance as part of the estate plan. Many people also choose to update their inheritance plans when they become grandparents.

Since 1976, PoindexterHill, P.C., has been one of Shenandoah Valley’s most respected law firms, providing Virginia residents with detailed legal advice across a broad range of practice areas. Whether estate planning or starting a business, you can rely on their team for personalized services and quality guidance and representation to help achieve your goals. To schedule a consultation with a skilled attorney, call their offices at (540) 943-1118 or visit them online today.