Life changes. You change, too. People in your life come and go, and your circumstances and priorities shift. It only makes sense that you update your estate plan to reflect these changes.
Most experts recommend that you update your estate plan every three to five years. However, there are certain milestones and life changes that should prompt you to update your estate plan as soon as they happen.
Here are three reasons why you may want to update your estate:
Moving to another state
Having an estate plan in Kentucky does not automatically mean that it will be effective in another state. If you move out of state, your estate plan will be subject to different laws. It can even be invalidated. Additionally, Power of Attorney, Living Wills or even the number of witnesses needed to validate a will vary from state to state.
Marriage or divorce
A change in your marital status should prompt an immediate review and update of your estate plan. Some of the updates you may want to include in your estate plan include giving your new spouse the medical power of attorney.
And if your item of affection changes, it is best that you update your estate plan too. The last thing you want is to have your ex-spouse lay claim to your estate because you did not remove them from your beneficiary list. Not to mention, remarrying while your ex is still listed in your will could make for an uncomfortable situation if you fail to update your estate plan.
Birth or adoption of a child
The birth or adoption of a child is a valid reason to update your estate plan. Beneficiaries of your estate are usually named in your estate plan. This will ensure that your last wishes are not confusing or getting misconstrued. Also, if you become a step-parent to your new spouse’s children, you may want to update your beneficiaries.
An estate plan speaks for you when you are no longer around to make important decisions regarding your assets. Keeping your estate plan up-to-date can save your estate from going through costly probate.