4 Life Events That Should Lead To An Updated Estate Plan

A variety of life events can, and should, lead to you reviewing, and updating, your estate plan. And, with that in mind, you can find five events that should lead to an updated estate plan in the sections right below.

Going over all of these events, and speaking with a lawyer, will allow you to distribute your assets in the manner that you wish.

4 Life Events That Should Lead To An Updated Estate Plan 

Event 01: You Have A Child 

If you have a child, then it is of the utmost importance that your estate plan is updated, to align with that reality.

You should include provisions for your child and the assets you would like to give them.

Outside of the above, you should also include provisions that outline a guardian for your child, as well as anything else that you believe is important.

A failure to include these provisions in your estate plan can lead to your child failing to receive the assets you wish to give them. Or, in turn, being sent to live with people who are inadequate, as parents, in the event of your passing.

Event 02: You Get Married

Getting married is a significant event that can, and should, lead to an updated estate plan.

You must update your estate plan, so that it includes your new spouse. And, in turn, you must also clarify what you would like to give your spouse, in the event of your passing.

A failure to update your estate plan, so that it includes your spouse, can lead to your spouse not receiving what you wish to give them.

Event 03: You Start A Business 

You can, and should, outline what you would like to happen to your business, in the event of your death.

Just as an example, if you would like your business to be given to your daughter, then you can outline that. And, in doing so, your daughter will be able to receive your business.

On the other hand, if your wishes differ from that, you can outline that, too.

A failure to clarify your wishes, regarding your business, in your estate plan, can lead to the ownership of your business being put into question.

Event 04: You Become Injured 

A serious injury can prevent you from making decisions for yourself and managing your affairs.

If the above occurs, then you can, and should, update your estate plan, so that it includes a power of attorney, as well as provisions for your assets and affairs.

Regarding the former, a power of attorney will ensure that the right people can, and do, make decisions for you, when you are legally incapable of doing so.

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop an effective estate plan, you need legal help. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you do so.

Sources: 

law.cornell.edu/wex/estate_planning

law.cornell.edu/wex/power_of_attorney