Idaho Law Blog
Estate planning is like our own lives. It is not a static thing. There really is no it’s completed so now I don’t have to worry about it faze when it comes to estate planning. The reason for this is because our lives are constantly changing. Additionally the lives of those that we interact with, and that we love which include our family and friends are also always changing. When changes occur, our Estate Planning may be affected and we may need to change our Estate Planning to meet and deal with each new change. So what are the major changes that would cause us to update our Estate Planning. Here are the top 8:
- THE BIRTH OR ADOPTION OF A LOVED ONE
Most people recognize that if a new child or grandchild was born and/or adopted this would be a major reason for making a change to an estate plan. The law does not automatically provide for your loved ones. If you have a Last Will and Testament that is old and outdated and that fails to make a provision for a loved one who was born or adopted, that person could be left out of your estate. The only way that you can ensure that your wishes are fulfilled is that you are specific about them. Updating and changing your Estate Plan to provide for those who have been born or adopted is vital.
- THE DEATH OF A LOVED ONE
Likewise, the death of a loved one whether that is a spouse or a child or a grandchild they also have an impact on your estate plan. If there is a death of a loved one in your family, this is a major reason for reviewing your estate plan and making sure that it still meet the needs that you have.
- MARRIAGE (YOURS OR A LOVED ONE’S)
Another major reason for updating your estate plan is that either you or a loved one has become married. Again, simply because you are married does not mean that your spouse will be provided for in your estate plan. You are required to list in your estate plan who your spouse it is and what specifically you are leaving to them. If you fail to do this then your spouse may not be provided for in your Estate Planning and may receive nothing when you die.
- DIVORCE (YOURS OR A LOVED ONE’S)
People are probably more concerned about divorce than they are about marriage. If your Estate Planning provides for your spouse who you are now divorced from, that does not automatically remove them from your estate plan. You are required to make that change individually. I think most people would be very concerned that a large portion of their estate may be left to a spouse who they are divorced from simply because they failed to update their Estate Plan.
- YOU’VE MOVED OR A LOVED ONE HAS MOVED
Moving, or changing the State in which you live is also a major reason for updating your estate plan. This is not so much because the estate plan you have will not be valid. Rather, this is because the individuals you have chosen to act as your personal representative or to hold your durable power of attorney May no longer be close to where you live when you die. This may have an impact on that person’s ability to serve in the capacity as to which they are named.
- YOUR CHILDREN ARE NOW ADULTS
Another good reason for updating your estate plan is if your children are now adults aged. When you have minor children there are specific portions of your estate planning that will be completed to provide for your children while they are young. What’s your children are older those precautions that are set up may no longer be needed. For this reason it would be wise to review your estate planning when your children reach the age of adulthood to determine whether any changes need to be made.
- YOU’VE PURCHASED A MAJOR ASSET
Additionally, changes to your estate plan may be necessary if you have not purchased some major asset. This could be real estate, or it could be a business, or you may simply have inherited a large estate from your own parents. When your assets grow indoor change you may need to make a change in your estate planning to deal with those new assets.
- CHANGES IN THE LAW
Finally comma changes to the law are a valid reason for updating your estate plan. These changes could include changes to estate taxes, or the laws of intestacy, or laws dealing with durable Powers of Attorney for financial or health care. As Estate Planning attorneys, we contact our clients any time a major change in the law has occurred that would affect their estate plan so we can encourage them to come in and make changes that will deal with the new laws.
If you experienced a major change in your life during 2016 you may need to update your Estate Planning. If you have questions about doing this, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
This website includes general information about legal issues and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer for advice on specific legal issues.