Certain life events necessitate making an appointment with your elder law attorney to review and update your estate plan. These events are:
- Increase or Decrease in Assets. Your estate may subject to taxes if it has significantly increased. On the flip side, you may need to modify your estate plan to focus on other items of importance if your estate has decreased.
- Marriage. Depending on your state’s laws, your spouse may not be entitled to your entire estate when you die. You can draft a will to specify what you want your spouse and family members to have. This is especially important if it’s not your first marriage.
- Divorce or Death of a Spouse. Your estate plan should be modified immediately if your ex- or deceased spouse is named as a beneficiary, power of attorney, trustee or any other capacity.
- Children. If you die without a will, or your will does not specify a guardian for your children if you die, the court will appoint one. You should consider setting up a trust for your children that they can access when they are older. Likewise, you should modify your will when your children reach adulthood.
