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It’s wise to take a proactive approach to estate planning because life is unpredictable. If you do make arrangements long before you actually need them, though, it’s important to review them periodically. After all, your financial situation and family dynamic will inevitably change over the years. You can ensure your estate planning documents are always up-to-date by modifying after the following life events. 

Life Milestones That Warrant Changes to Estate Planning Documents

1. Having Kids

It’s essential to update your will after having children. Should something happen to both you and your partner, the guardian you name will take care of them. If you fail to establish guardianship and something happens while your kids are still minors, the court will decide who should care for them—and the judge may not necessarily choose the same person you would have chosen. 

2. Acquiring Significant Assets 

estate planningIf you buy a home, start a business, or inherit a sizable investment account, make sure to add it to your estate plan right away. Otherwise, the overlooked asset will be distributed according to the laws of intestate succession, which certainly don't take into account complicated family dynamics. 

3. Changing Your Marital Status 

If you get married but fail to update your will, your spouse may not be taken care of should tragedy strike. Although surviving spouses are entitled to a certain portion of the deceased’s estate regardless of the terms of the will—up to 50% of the marital property, depending on the length of the marriage—the allocated portion may not be enough. The only way to ensure your spouse will get everything they deserve is by stating it in your estate plans. 

Naturally, it’s also important to update your will after getting divorced. Although the divorce decree automatically revokes all dispositions made to the former spouse, it doesn't replace them with anything. As such, all the property you originally bequeathed to your ex will have to be left to someone else. 

 

 

If you need to draft or update estate planning documents, turn to PoindexterHill, P.C., in Waynesboro, VA. Since 1976, this full-service firm has helped clients establish comprehensive estate plans. This firm prepares wills, trusts, and powers of attorney to ensure you have a strong and effective estate plan. To explore their practice areas, visit their website. To request a consultation, call (540) 943-1118. 

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