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Here is when you should revisit estate planning

On Behalf of | Jun 10, 2020 | Estate Planning

It can be hard to accept change, such as a child growing older and more independent or the decision to end a relationship. But no matter how hard these changes may be, there is no way to avoid them. Pretending that they are not happening can even make things worse. Revisiting estate planning documents — like a will — is a smart way for people in Lake Charles to start acknowledging change in a healthy manner.

After welcoming a new child, parents should be sure to update their wills with guardian designations. A guardian is someone who will care for a child if both of his or her parents should pass away. Children grow up though, and they no longer need guardians once they hit adulthood. When this happens, parents should update their wills to reflect the needs of their young adults.

Children are not the only people who change as time goes on. Couples in Lake Charles sometimes grow apart, and divorce can be the most sensible option. But before actually filing, it is important to update one’s will first. If someone unfortunately passes away before the divorce is complete, the spouse might still receive all of his or her money.

There are many other reasons to update a will, like when a child gets married or if a named beneficiary develops a substance abuse problem. However, it is not always clear what those changes should be. Should a child’s spouse be included in the will, and who should replace a struggling beneficiary? The answers to these questions are not always clear, which is why some people may find it helpful to seek guidance from an experienced estate planning attorney.