Life is full of unexpected twists and turns, and sometimes those twists can have a significant impact on our plans – especially our estate plans.
In the newest installment of the Elder Law Report, estate planning & elder law attorneys Greg McIntyre and Samantha Gordon discussed the importance of reviewing your estate plan when your life undergoes major changes, such as DBD – Death, birth, & divorce. These events can dramatically alter the landscape of your estate plan, making it essential to reassess and update as needed.
Death
The passing of a loved one, particularly a spouse or someone designated in your estate planning documents (fiduciaries), can have profound implications for your estate plan. It is crucial to review and revise documents to ensure they accurately reflect your current circumstances.
In the case of the death of a spouse or fiduciary, you may need to update the following documents:
- General Durable / Healthcare Powers of Attorney (agents)
- Wills (executors)
- Trusts (trustees)
Birth
The arrival of a new child or grandchild is cause for celebration, but it also necessitates adjustments to your estate plan. Failing to account for newborns in your documents can lead to unintended consequences, such as leaving a loved one out of your will, depending on how your documents are written. If you have minor children, it is important to review any guardianship provisions to ensure that your children are cared for by individuals of your choosing in the event of unforeseen circumstances.
If there is a new addition to the family, you may need to update the following documents:
- Wills and Trusts (beneficiary designations)
- Guardianship Provisions within documents
Divorce
The dissolution of a marriage requires careful attention to estate planning matters. Documents drafted during happier times may no longer align with your wishes post-divorce. It is also important to update other accounts, documents, and beneficiary designations to avoid unintended distributions to a former spouse.
Why Reviewing is Essential
The importance of periodically reviewing estate planning documents cannot be overstated. Changes in family dynamics, such as death, birth, and divorce, can significantly impact the distribution of assets an the execution of your wishes. Provisions and designations that were once appropriate may no longer serve your best interests and goals. Regular reviews ensure that your estate plan remains current and reflective of your intentions.
In conclusion, life is unpredictable, but proactive estate planning can provide stability and security in the face of change. By staying vigilant and regularly reviewing your estate plan, you can adapt to life’s fluctuations and ensure that your wishes are honored, regardless of what the future may hold.
Take Action Now!
Don’t wait until it’s too late to address changes in your life circumstances. McIntyre Elder Law offers free consultations to assist individuals and families in navigating the complexities of estate planning. Whether you’ve experienced a death, birth, divorce, or any other life event, seeking professional guidance can provide peace of mind and ensure that your affairs are in order.
Free Consultation Offer
To schedule your free consultation, call 1-888-999-6600 or visit mcelderlaw.com to book an appointment online. Don’t leave your future to chance—take proactive steps to protect yourself and your loved ones.
Attorney Samantha Gordon and Attorney Greg McIntyre are Estate Planning & Elder Law attorneys in our Charlotte, NC office. Winchester, the puppy legal assistant, works hard to assist the attorneys with their clients daily.
