Writing a will, drafting powers of attorney, and establishing a trust gives you control over how your affairs are handled when you pass on, but only if they reflect your current priorities and obligations. An outdated estate plan can cause serious unintended consequences, including property passing to family members you wouldn’t have chosen and intense legal conflicts between your loved ones. To ensure your wishes are respected, carefully review your estate plan after these major life events.

3 Times Your Estate Plan Should Be Updated

1. Marriage

Automatic inheritance rights are one of the most important legal benefits of marriage, but the terms are not ideal for every situation. In Iowa and many other states, your surviving spouse will receive all of your assets, unless you have children from a previous marriage who are entitled to a share of the estate. If you wish to leave pieces of property to other family members or friends, it’s best to update your will immediately after marriage.

2. Divorce

In most states, a divorce automatically invalidates any provisions of the will and other estate planning documents that benefited your former spouse. However, the assets they would have received will then be distributed according to your state’s intestate inheritance laws—without consideration for the relationships that mattered the most to you.

3. The Birth of a Child

In addition to distributing property, an estate plan also allows you to continue caring for your children if something happens to you. You may want to nominate a guardian to look after your children or establish a trust to manage their share of the estate. After the birth of a child, many parents decide to add a life insurance policy to their estate plan, ensuring their loved ones have the resources they need.

Whether you’re updating your estate plan or writing a will for the first time, the Shelton Law Firm offers legal expertise you can rely on. This law office has been serving Lucas County, IA, since 1967, building a long-standing reputation for quality service and effective results that are tailored to each client’s unique needs. Visit their website to learn more about their wills and estate planning services, or call (641) 774­-5956 to schedule a consultation today.