Why it’s important to periodically update your estate plan

Why it’s important to periodically update your estate plan

Many Connecticut residents create their estate plan and then leave it at that. However, that’s a mistake. You should update it as needed for several reasons.

You’ve gotten a divorce or remarried

Getting divorced means that you will likely want to remove your former spouse as a beneficiary of your estate. This is especially important if you end up getting remarried to someone new. You’ll want to name your new spouse instead of your ex.

You’ve recently had a child

Children rank as one of the biggest reasons to not only create an estate plan but to update your existing one. If you recently had a new child whether you already had children or this one is your first, you will want to name them as a beneficiary. You can also update your will to name a person you trust who can be your child’s guardian in the event that you and your spouse pass away. This also applies to a child you have adopted.

You want to disinherit someone

Unfortunately, there may be times when you might want to disinherit a spouse or child. If this is the case, you should update your estate plan to have that person removed from your list of beneficiaries.

You have a blended family

If you have remarried but have children from a prior marriage or relationship, updating your estate plan to ensure that those children are taken care of is important. In the event that you and your current spouse end up getting a divorce or even if you die before them, you will want to make sure your children will get their share of your estate. Without the right provisions in place, your spouse could cut them out.

These are some of the biggest reasons to update your estate plan. Be smart and get help from a professional.