When you set up your estate plan, you assumed at the time that it was going to be perfect for years to come. You had accounted for your children and guardianship concerns, set up trusts and worked out who would be your health care proxy. You took the time to work through each issue and have a solid plan in place.
Recently, you found out that the person you’d assigned to be your health care proxy had passed away. As a result, that portion of your estate plan doesn’t reflect your life as it is now. This is a great time to address updating your estate plan.
When someone passes away who was included in your estate plan, you should reach out to your attorney and discuss the potential changes you need to make. For example, if the person you had assigned as your children’s guardian becomes disabled or dies, you may want to add a different person as the children’s guardian. If you and your health care proxy are no longer close friends or don’t get along, then it’s appropriate to address this and change the person you have listed down in your estate plan.
There are several times when you will want to update your estate plan, such as when:
- There are changes in the dynamic of your family (like the birth of a new child)
- You have changes in your long-term goals or goals for your estate
- You want to add a long-term health care plan or powers of attorney
- There are changes to the health conditions of those who are listed in your estate plan
- You marry, divorce or re-marry
- You moved to a new state where your old will may not be valid
Your attorney would be happy to talk to you about whether or not your estate plan needs to be updated. If you have questions, our website has more information.