My Aunt recently passed away, and her children were surprised to find that her will was from 1980, prior to the birth of all her children. The will left everything to her husband at the time and to her sole daughter as the contingent beneficiary. My Aunt had since remarried and had two additional children before passing away.
Estate planning attorneys always encourage folks to memorialize their wishes, but what happens when those wishes are now out of date? Not only should estate planning attorneys encourage people to draft new estate plans, but they should remind them that they need to keep their existing plans up to date over the years.
Life changes are important to incorporate into estate plans because they can drastically alter decisions and planning. Prior to the marriage or the birth of a child, clients may wish to leave property to parents and siblings, but that usually changes following these events. A parent may be the most trustworthy successor trustee and guardian of minor children, but if he/she passes away 5 years after the estate plan is drafted, the client needs to update those provisions to ensure his/her wishes are properly carried out.
Some of these concerns can be elevated by naming multiple successor trustees or guardians to serve consecutively. This allows for a continuity of care or asset management without the need to constantly update documents.
The birth of a new child is always important to bring to the attention of your estate planning and is usually the catalyst for a conversation about other things going on in your life that may need to be addressed, or other items in your estate plan that may need an update.
