Estate planning is not something you do and then forget it. Life in Fountain Valley is dynamic; things are constantly changing. Events such as the birth of a new child or perhaps a divorce can change the way you think. Even if your life is staid and not much happens, you should still arrange to see your local estate planning attorney; your life may not have changed much, but tax laws do change, and new laws often have an impact on your thinking.
Your Estate Plan Must Keep Up With The Times
As time goes by, chances are you will want to reflect changes in your life in your estate plan. If you went through a divorce after your plan was developed, odds are you will not take your ex-spouse into account in your will, and even if you do, chances are you will want differences in the relationship accounted for. If you adopt a child or you are blessed with a new baby, your plan should be updated to factor these events into your thinking.
There are many life-altering events that will cause you and your attorney to revisit your estate plan. What happens if your spouse predeceases you? What do you have to do if the named executor of your estate should die? An attorney can help.
Maintaining your estate plan becomes necessary should you remarry after your children are grown. You will want to provide for your new spouse as long as he or she is living. You will also want your adult children to inherit what remains of your estate upon the death of your new spouse. If these instructions are not stated in your plan, there is a distinct chance that the children of your second wife may end up with your assets, not your children.
Your net worth is in a constant state of flux; take this and other changes into account. Your estate plan, like most other things, requires management.