Estate planning gives people the power to decide who should make health and financial decisions for them if they’re incapacitated, what happens to their belongings after their passing, and provide for their loved ones no matter what the future holds. However, to be effective, these documents must accurately reflect a person’s current assets, priorities, and responsibilities to prevent conflict and unwanted consequences. The guide below explores what life events should prompt you to revisit your will and other legal paperwork.

When Should You Revise Your Estate Planning Documents?

1. Marriage

Marriage represents a strong emotional bond, but it’s also a legal and financial union. If your will is outdated, your spouse may inherit all of your estate or only get half, which may or may not conform to your wishes. After a marriage, write a new will describing how you want any assets divided. Also, consider naming your spouse as your power of attorney should an extreme accident befall you.

2. Divorce

In most states, a divorce automatically invalidates any provision of your will that benefits a former spouse. However, those assets are then distributed according to the intestate laws of your state, which divides property based on the strength of someone’s familial relationship to you, not emotional closeness.

3. The Birth of a Child

Estate planning tools allow parents to nominate a guardian to care for their children if something unfortunate happens to them, which provides powerful peace of mind. You may also want to consider including a life insurance policy in your estate plan.

4. Gain Significant Assets

Those who have inherited a large sum of money or made lucrative investments should update their will to reflect this new financial situation. Otherwise, your loved ones may be consumed by legal disputes that may cause conflict for even close-knit families.
 

For over 30 years, families throughout Lincoln, NE, have relied on David R. Webb, Attorney at Law for a comprehensive range of estate planning services. When your life changes—whether it be a marriage, divorce, or the establishment of a new business—their legal team will help you adjust your documents accordingly. Visit their website to learn more about their offerings, or call (402) 477-7577 to arrange a consultation today.