When a young person is beginning their career and starting a family, their financial life is much different than someone who is middle-aged. Fortunes, families, and priorities can all change as one gets older. Estate planning documents should reflect these changes so the legacy you leave encompasses the person you were at the time of death. Here is a brief overview of a few ways one's estate planning needs evolve over time.

3 Events That Call for Estate Planning Changes

1. Divorce or Death of a Spouse

Many people leave most of their estate to their spouse, but your estate plan will look different if you are divorced or widowed. For instance, in a will that hasn’t been changed to reflect the death of a spouse, the line of succession that you have designated cannot be carried out according to your wishes. This means that probate courts will have to get involved and use the state’s intestacy laws to determine who inherits you.

2. A New Partner

If you remarry, you should update your estate plan to include your new spouse to ensure there are provisions in the event of your passing. Also, some people might have a new partner after a divorce or after the death of a longtime spouse, but they might choose not to legally marry that person. In that case, it is essential the partner be included in one's estate plans; probate and estate laws generally don't recognize an unmarried spouse unless that person is specifically named.

3. Your Children Become Adults

With the maturity of children comes changes to an estate plan. When they were younger, you likely took into account the fact that they were minors, leaving them a certain amount of money to be managed by their appointed guardians. But, when children come of age, they are usually better equipped to manage money; so, how much they receive and how it is paid out will typically need to be revisited. Also, they may have children of their own, and many grandparents include their grandchildren in their plans.

No matter what your age, all legal adults should have estate planning documents in place. Attorney Stuart R. Norman Jr. is here to help. For over 40 years, he has been representing Jewett City, Connecticut-area clients in estate, real estate, and elder law issues. Call (860) 376-0069, visit his website, or contact him via Google+ to set up an appointment today.