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Your estate plan may be in need of an update

| Feb 23, 2021 | Estate Planning

Estate planning is for everyone. Even when a Kentucky resident feels as though they do not own anything of value, they can benefit from creating a straightforward estate plan that outlines their preferences and wants for when they are incapacitated or after their death. A trusted estate planning attorney can help them devise a plan that meets their needs.

However, creating an estate plan is just the first step toward long-term protection of a person’s assets and end-of-life wishes. Over time, an individual’s life may change and those changes may necessitate updates to their estate plan. This informational post will discuss some life events that may prompt individuals to update their estate plans, but this post does not provide its readers with any legal advice.

Family law grounds for changing estate plans

Changes in the structure of a person’s family often necessitate changes to their estate plan. For example, when a person gets married or has children, they may want to update their estate plan to include and honor those relationships. If they go through a divorce or remarry, their estate plan should reflect those alterations to their life. As families change and grow, so too should the members’ estate plans.

Financial grounds for changing estate plans

Another reason that an individual may need to change their estate plan is to account for changes in their wealth. If a person of moderate wealth comes into money or inherits assets that alter their financial situation, their estate plan may not cover what they want to happen with their newfound wealth. A comprehensive estate plan can be developed to protect a person’s assets and family into the future.

Estate plans are important legal tools but they are not static. They can and should change over time. Individuals who need to update their estate plans can do so with the help of trusted estate planning attorneys.