Many situations can occur throughout your life that warrant a second look at your estate plan. The whole reason you develop an estate plan in the first place is to ensure that your loved ones are taken care of after you pass away. If a life event suddenly changes your perspective or shifts your loyalties away from certain family members, your plan should reflect that. A Missouri estate planning lawyer can help you figure out your next steps.
Updating Your Estate Plan
It is important that you take certain measures to update your estate plan after significant life events. The last thing you want is to end up with an outdated estate plan that no longer reflects your wishes or includes family members you no longer trust to fulfill your wishes. If you end up passing away before you can update your plan, the wrong people may end up receiving a substantial amount of your assets or having input on your medical needs if you’re incapacitated.
When you decide to update your estate plan, it’s recommended that you reach out to an experienced estate planning lawyer. You may not know what materials you need to ensure your updated estate plan reflects your current wishes and situation. Keep in mind that an estate plan is not a singular piece of paper that you sign and move on from. It’s a complex series of documents that all play an important part in the future of your estate and legacy.
Updating After Divorce
Many different life events could warrant an update to your estate plan. One of the most common is divorce. When you disentangle your life from your spouse’s, you are severing legal ties for good. This includes removing them from your estate and ensuring that they can’t benefit in any way from your death. In Missouri, your ex is automatically removed from your will after a divorce, but you may want to check your plan anyway to make sure.
According to information from the CDC, Missouri has a divorce rate that’s slightly above the national average. As of 2022, the divorce rate in Missouri was 2.7 per 1,000 residents. Some of these divorces involved a substantial estate that needed to be addressed with an estate planning lawyer. If you are struggling with your divorce, you may want to reach out to a local divorce support group, such as DivorceCare. Talking to someone about your situation can be helpful.
Updating After Marriage
Updating your estate plan after marrying the love of your life is just as important as updating it after divorcing them. When somebody joins your family, it’s understandable to want them to be taken care of after your death by updating your will and estate plan. You may trust this person above all others now. You even grant them power of attorney over your medical needs in the event that you become incapacitated. To grant this, you’ll have to modify your plan.
Updating After Birth or Adoption
Many people choose to update their estate plan when someone new joins their family. This generally means through marriage, childbirth, or adoption. When there is a new child in your family, you may want to modify your plan to include that child as a beneficiary. If you are the parent of this child, you may want to name someone as a designated guardian to take care of them should you pass away. You may also want to set up a trust for your child’s future.
FAQs
Q: Why Is It Important to Update Your Estate Plan?
A: It is important to update your estate plan after big life changes because you never know when your time will come. The last thing you want is to pass away with your finances left unresolved. By constantly updating your estate plan, you can ensure that your wishes reflect your current circumstances as accurately as possible. This can include cutting out certain predatory family members or adding recent family additions into your plan.
Q: Why Is Estate Planning Necessary at All?
A: Estate planning is necessary for anyone who has a significant estate that they intend to leave to multiple people after their death. A comprehensive estate may include property, land, vehicles, businesses, bank accounts, trusts, and debts. If you pass away without an estate plan in place, the state’s intestate succession laws will apply, and the court will be the one to decide who gets your assets. Their decision may not follow your wishes at all.
Q: Should I Get a Lawyer to Help Me Update My Plan?
A: Yes, it is recommended that you hire a lawyer to help you update your estate plan. While your heart and mind may be in the right place when it comes to updating your plan, you may not know exactly how to do it or which forms to file. An experienced estate planning lawyer can help you make sure the right paperwork is filed in a timely manner.
Q: When Should You Update Your Estate Plan?
A: It is entirely up to you to decide when you want to update your estate plan; you can do so whenever you want. Many people may choose to wait until a significant life event has occurred before going into their plan and modifying things. Such life events may include a marriage, a divorce, a death, a birth, or an adoption. Ultimately, it is up to you.
Reach Out to an Experienced Estate Planning Lawyer Today
Some life changes, such as a divorce or a death in the family, can leave you feeling uncertain and frustrated. These events, however, may prompt you to modify your estate plan and change things to reflect your current circumstances. You may no longer trust your former partner and want to cut them out. Alternatively, you may have grown close to a distant cousin and want to include them more.
Whatever your situation may be, you should reach out to an experienced estate planning lawyer for help in changing your plan for the better. The legal team at Stange Law Firm can help you figure out your next steps in regard to your estate plan. Contact us to speak to someone about your case.
