Estate plans often require updating, as major life events can impact an estate in various ways. Naturally, you want to ensure your wishes are fulfilled and that you’re protecting your loved ones’ future. If something has happened in your life that might affect your estate plan, the best way to handle the changes is to consult with an experienced Missouri estate planning attorney.
What are Some Major Life Events That Could Require You to Update Your Estate Plan?
It is common for estate plans to change, as our life and circumstances change. It is recommended to review your will and other estate documents every few years to determine if updates are necessary. However, unexpected events may occur that require immediate revisions. Below are some examples of life events that can influence your estate plan.
Marriage: Marriage will always influence your estate plan, particularly regarding beneficiary and property distributions. It’s important to update your plan as soon as possible to reflect your new marital status. However, keep in mind that it’s not just your own marriage that can impact your estate; if your children, grandchildren, or other heirs marry, it could affect your plan as well.
Divorce: Under Missouri state law, a divorce automatically revokes any provisions in a will that benefit the former spouse. While this may change your will, it is important to look at all parts of your estate plan, as it’s likely you still have your former spouse listed as a beneficiary of certain accounts. If you don’t update these designations, your ex could still inherit those assets.
Death: Unfortunately, there may be situations in which a beneficiary or intended heir passes away before you. As such, it important to update your estate plan as soon as possible in such cases so your assets will be distributed to the next person you want to inherit.
Births: As your family grows, it’s important to update your estate plan to ensure that everyone in your family is included.
Change in Relationship: If your relationship or status with a beneficiary changes, and you no longer want them to inherit, be sure to update our estate plan, as soon as possible. Otherwise, they still could receive your assets.
Change of Finances or New Assets: If you experience any significant financial changes, it’s essential to update your estate plan. Whether you’ve received an inheritance, acquired new real estate, or received substantial financial gains, your original plan likely doesn’t account for these new assets.
Moving: Estate planning laws vary by state. If you’ve moved to Missouri, it’s a good idea to have a Missouri attorney review your plan to make sure it is valid with the laws of the state.
How an Estate Planning Attorney Can Simplify Updating Your Estate Plan
Any major life event can cause the need for you to update your estate plan. It’s important to address these changes in detail with your estate planning attorney, as they can help navigate the requirements of updating your will, trusts, beneficiary designations, and other essential estate documents.
Be sure to keep all relevant documents and financial information ready for review. This will help your attorney evaluate your situation and suggest any necessary updates. It is key to have full disclosure and quick communication with your estate planning attorney so they can guide you on the on the legal steps required to ensure your intentions are properly reflected within your estate plan.
Contact Mark Harford Law To Update Your Estate Plan
Mark Harford Law is dedicated to providing solutions for all aspect of estate planning, ensuring your needs are thoroughly met. Our priority is to handle every part of your estate plan with professionalism and attention to detail. Whether you’re just beginning the process or need updates to an existing estate plan, we can help. Contact us today to schedule a free consultation.