When is the last time your estate plan was updated?
If you read our last post on the different things that can go into an estate plan, you may have thought to yourself, “I had a basic will and powers of attorney drawn up years ago, I’m all covered” and went about your day. But, if that is the case, ask yourself has anything changed in your life since you have made your plan? A follow up question is, will the plan still work?
For your estate plan to work properly it has to name the right people. Not only as who your beneficiaries are, but also for who will be in charge when you’re gone.
- If you were single when you first planned and have since married or had children that could change who you want to inherit. It could also mean you want your new spouse to make your financial and medical decisions if you were not able, and not a parent for instance
- Or, if you went through a divorce, you would want to make sure your ex-spouse is not inheriting under your plan, and not the one who is in charge of your financial, medical, and legal matters if you are incapacitated and cannot handle them yourself
- If you have children, you should look at whether they can handle inheriting outright and if not, do you have someone you trust named in your plan that will help them with financial matters until they are responsible enough to handle it themselves
- If you have minor children, you also want to check who you have named as guardians. Make sure they have not moved, where your children would potentially be uprooted in the future, that they are still financially able to care for your children, or that their values are still in-line with how you would want your children raised if you could not be the one to raise them.
It is important to have a plan in place, but it is equally as important for that plan to be updated regularly. Making sure it is current ensures it will continue to work the way you want it to. So, if you already have an estate plan in place, when is the last time you looked it over? We are here to help you, just a phone call away (248) 409-0256.