Signs You Need To Update Your Will and Estate Planning

Keeping your will and estate plans up to date is crucial for everyone, especially when you have children with special needs. Life is unpredictable, and planning can secure your family’s future. Here, we’re exploring a few key moments when revisiting and updating your plans becomes critical. Keep reading to learn the signs you need to update your will and estate planning.

Major Life Events

Big changes in your life, such as getting married, divorced, or the birth of a child, demand immediate attention to your will. These events can drastically change your preferences for distributing assets.

Newly married couples often want to protect their spouse, while divorce may require removing an ex-spouse from the will. Similarly, welcoming a new child into the family means updating your will to include them as a beneficiary.

It’s crucial to reflect these significant changes in your estate plan to avoid any disputes or confusion later. Ignoring these updates could lead to unintended consequences that may not align with your current wishes.

Changes in Financial Situation

Your financial landscape can shift dramatically over time and affect how you want your assets distributed. If you’ve come into a significant inheritance, started a successful business, or made lucrative investments, it’s time to update your will.

On the flip side, financial setbacks like job loss or debt accumulation also warrant revisiting your estate plans. These changes directly affect how you distribute wealth and settle debts. The goal is to make sure your estate plan mirrors your current financial standing and provides clear instructions on asset distribution. Keeping your financial status updated in your will protects your loved ones from unnecessary complications—because, let’s face it—life happens.

Health Status Changes

Changes in your health or the health of a dependent are critical triggers for updating your will. A serious illness or a sudden health condition can change how you want your affairs handled.

For parents, the immediate concern is often the well-being and care of their children, especially if they have special needs. Creating or revising special needs trusts becomes essential to oversee your child’s future care without impacting their eligibility for government benefits. Addressing these health-related changes means your estate plan remains relevant and effective.

Relocation to Another State or Country

Moving to a different state or country can affect the validity of your existing will and estate plans. Different jurisdictions have varying laws regarding estate planning, which may render parts of your will invalid.

For instance, some states have specific requirements for the execution of wills, while international moves may involve entirely different legal systems. It’s important to consult with an estate planning attorney familiar with the laws in your new location. Updating your will in accordance with local laws solidifies its enforceability and prevents legal challenges.

Welcoming New Family Members

Adding new members to your family, whether through birth, adoption, or marriage, necessitates an update to your will and estate plans. Each new addition shifts the dynamics of asset distribution and inheritance considerations.

Parents of special needs children should pay particular attention to this, as integrating special needs planning and trusts into their estate plans will adequately provide for these children. The primary goal is to align your estate plans with your family’s evolving structure.

Estate planning is not a one-and-done task; it requires regular updates to reflect life’s many changes. Whether it’s a major event, financial shift, health concerns, relocation, or new family members, these triggers are common signs it’s time to update your will and estate plans.