A will and estate plan is not a static document. It must reflect your current life, along with the current stage at which you’re living in. There’s no value in executing a will not meant for the concerns you’re facing at this moment. Worse, such an inconsistent will can be challenged in court, jeopardizing your interests and wishes.
Expert lawyers in Knoxville recommend that estate plans should ideally be updated after major life events. This ensures the plan deals with current requirements, and is thus air-tight. If you’re looking to get started with an estate plan, a simple website visit will help! However, read on to get an insight into these life events…
Marriage
When you get married, you’ll likely want to include your spouse as a beneficiary and update your will, trusts, and other documents to reflect this new relationship. An expert attorney can help ensure that your spouse is adequately provided for, and that any prenuptial or postnuptial agreements are properly integrated into your estate plan.
Divorce
Just as marriage necessitates updates to your estate plan, so does divorce. After a divorce, it is essential to revise your will, trusts, powers of attorney, and other estate planning documents to remove your ex-spouse where appropriate and designate new beneficiaries or fiduciaries. Failure to update your estate plan after a divorce can result in unintended beneficiaries and complications.
Death of Your Spouse
The death of a spouse is a profoundly emotional and impactful event that requires a thorough review of your estate plan. This includes updating beneficiary designations, wills, trusts, and possibly establishing new financial and healthcare directives. An expert attorney can help you navigate the complexities of probate, transfer of assets, and ensure that your revised estate plan addresses your new reality.
The Birth of a Child
The birth of a child is a joyous occasion that brings new responsibilities and considerations. Updating your estate plan to include provisions for your new child is crucial. This includes designating guardians, setting up trusts for their future education and financial needs, and ensuring they are named beneficiaries. An expert attorney can help you create a comprehensive plan that protects your child’s future and provides for their well-being in the event of your untimely passing.
For the typical family in Knoxville, these are some of the major events that may be of concern. As a responsible and caring adult, it’s always a good idea to keep checking on your will, updating it with an expert lawyer periodically!
