After preparing their will and other estate planning documents, many people consider the project completed, confident that their assets will be distributed according to their wishes after they’re gone. However, to remain effective, your plan should be updated regularly, especially after major changes in your finances or familial obligations. Below are some situations that should trigger a review of your estate plan.

5 Events That May Require Updates to Your Estate Plan

1. Marriage

Most states have default laws that automatically give your spouse a certain percentage of your property, which may not line up with your wishes. After getting married, have an attorney review your estate plan, especially if either you or your spouse have children from a previous marriage.

2. Divorce

Because it dissolves the legal union between married couples, filing for divorce will typically void any provisions in your will for your former spouse. However, without an updated estate plan, the court will distribute those assets to your family members according to state law, without regard for your wishes. An updated estate plan ensures that your belongings go to the beneficiaries you choose.

3. The Birth of a Child or Adoption

After adding a child to the family, you should consider nominating a guardian to care for them if something happens to you and your spouse in addition to naming the child as a beneficiary. Depending on your financial situation, your estate planning attorney may recommend establishing a trust, which allows for a greater degree of control over your assets after you’re gone.

4. Selling or Losing Valuable Property

If you sell or otherwise dispose of an asset specifically mentioned in your will, you should update your documents to reflect these changes. Otherwise, conflicts may arise after your death, potentially causing long-term rifts between your family members.

5. Gaining Significant Assets

If you’ve inherited a significant sum or come into money in other ways, your current estate planning may not adequately address your new financial situation. You should also review your estate plan after making significant purchases, like a home, valuable artwork, or a stake in a business.

Estate planning can be a confusing, uncomfortable process, which is why families throughout Honolulu rely on Wills and Trusts Hawaii. Their team of compassionate attorneys will walk you through the process of establishing an estate plan that reflects your wishes. To schedule a free consultation, visit their website or call them at (808) 792-8777.