My husband and I created an estate plan when we got married. Do I need to update it again now that we’re having a baby? How often should we be updating it?
Absolutely! There’s no point in having an outdated will, or worse, no will at all, especially now that having a baby pretty much changes everything. In fact, any big life change, like getting married or divorced, inheriting assets, or acquiring or selling new property, and any changes to applicable laws are good reasons to update your estate plan -- which consists of your will, trust and guardianship documents -- or to create them if you don’t already have them! You’ll want to make sure baby is cared for in the event of your death (he has a guardian and money) and that your property passes on to the right person. Review your plan periodically to make sure it continues to meet your family’s needs. As your family changes, the size of your estate and your goals will also change, requiring you to revise your plan. That’s why you should try to find an attorney who has a maintenance program -- that means they’ll provide you with legal updates and allow you to make amendments to your existing estate plan whenever a life-changing event happens. If you do choose an attorney who offers a maintenance program, be sure to participate in it!
Plus, more from The Bump:
How to write a will?
How to find an attorney to create my estate plan?
Can we make a will online?