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When should you update your estate plan?

On Behalf of | Jan 25, 2021 | Estate Planning |

Many people make the mistake of creating their estate plan and never giving it a second look. However, things can change over the course of a life. If your estate plan doesn’t reflect those changes, it could leave your family in an awkward position after you pass away. Residents of South Carolina should review their estate plan regularly and update it after significant life events.

Birth of a child or grandchild

When most people make an estate plan, they do so in order to leave assets to their children or grandchildren. However, if you don’t add new heirs to your estate plan, they stand to receive less upon your death than you’d intended. Whenever you have a new child or grandchild added to your family, you should make provisions for them in your estate plan.

Marriage or divorce

The beginning or end of a marriage is another event that probably calls for a change in your estate plan. While some states do automatically grant certain assets to a surviving spouse, your partner might not receive everything you would like to leave them. Conversely, if you go through a divorce, you may not want to leave your ex anything, but if he or she is still in your estate plan, the will is legally binding.

New Assets or Debt

If you come into a large sum of money or other assets, you need to add them to your estate plan. On the other hand, if you take on a new debt, you should make provisions for paying it with funds from your estate. Otherwise, your heirs will be responsible for your debt.

All estate planning should involve the assistance of an attorney. This attorney can help you gather information about your assets and file the proper documents to ensure that your estate plan serves the purposes you have for it.