If you haven’t created an estate plan before, you may think it’s done only once. This is inaccurate. Updating your estate plan throughout your life is necessary. If you neglect to update your estate plan, you can potentially affect your loved one’s future financial stability. Our estate planning lawyers in McAllen want to share a few life changes that require updating your estate plan.
If You Have a Child
Having a child can impact your life in more than one way! Your estate plan should reflect that and be changed regularly, even as your children become adults.
Consider:
- Your child’s future guardianship
- Your child’s future financial or medical needs
- Adding a trust for your children or grandchildren
If You’re Married
You may need to update your estate plan if you marry or re-marry. It should be written in your will how much you’d like to leave your spouse. If you don’t do this step, it can take longer for your spouse to receive your assets during the probate process.
If You’re Divorced
You may want to remove your ex-spouse from being the sole beneficiary of your estate plan. Changing your ex-spouse’s role is critical if you don’t want them to have as much access to your assets.
Consider the following:
- How much money goes to your ex-spouse and children?
- How much of your estate assets belong to your ex-spouse?
- Do you need to remove your ex-spouse as power of attorney?
Contact Our Estate Planning Lawyers in McAllen
Send us a message online or call (956) 686-6606 to speak with our lawyers about your estate law plan. We offer free consultations for our estate law expertise upon request!