October 11, 2018
Creating an Estate Plan should not be something you do once and then place the documents in a drawer to never look at again. An Estate Plan is something that should change and evolve as your life changes and evolves. When drafting an initial Estate Plan, we try to consider all foreseeable changes that can occur in our lifetimes, but this is nearly an impossible task. Most people’s lives don’t look the same today as they did 10 years ago.
The following life events should trigger a review of your Estate Plan:
- change in marital status
- birth or adoption of a child (discussed in this blog post)
- move to another state
- substantial inheritance or increase in income
- children becoming adults.
The birth or adoption of a child is cause to review your Estate Plan. One of the most important reasons to have a Will when you have minor children is to name a guardian for the children in the event both parents pass away. If you do not name a guardian for your children, the court will make a determination of who they think is best suited to care for your children. No one wants to think about passing away and leaving their children in the care of someone else, but having the ability to name someone you have hand-picked to raise your children if you are unable to so is the next best thing to you raising them.