A few years ago, you wrote your last will and testament. Since then, a few things have changed. Thinking more about this, maybe things have changed for your children, too.

Sometimes these new circumstances are typical, or even expected. Your child is now an adult, for example. But even routine changes can cause problems for your estate plan.

Last time, I suggested that many reasons for updating your last will have to do with your beneficiaries. Today, I will provide a more comprehensive list of the events and circumstances affecting your beneficiaries that often motivate changes.

• A Not-So-Great Son (or Daughter) in Law — Your child married a spendthrift or someone with the wrong priorities. Change your will before the money your child stands to inherit from you goes to supporting bad causes.

• New Disability or Special Need — If a loved one receives government benefits like SSI or Medicaid, leaving them money or property directly can cause them to lose these benefits and the health care and financial help they need.
• Birth of Grandchildren — Suppose your daughter now has a son. What happens if your daughter passes away first? Will her share of your estate go to your grandson? Is this preferable?
• Minor Children are Now Adults — Your will names a guardian for a child who is now an adult and places their inheritance in a trust. Now that your child is fully grown, a guardian is not needed and the trust provisions also should be changed. You trust your child to manage their full inheritance right now or at least to be more involved in its management.
• Adult Children are Still Young — Your kids are adults, but you overestimated how well they can handle money. Take time to make a change, both to protect your wealth and (more importantly) to protect your family!
• A Child Has Passed Away — This can change everything, especially if your deceased child has no living siblings or children. But even if brothers, sisters, or grandchildren are in the picture, maybe you want to reallocate distributions of your estate or name new beneficiaries.
• Newly Estranged Children — Unfortunately, some parents and children do not get along, making the usual pattern of inheritance unwanted or unwise.
• Reconciliations — You had good reasons for disinheriting a child, but (thankfully) these reasons no longer apply. Your will should to reflect your reconciliation, not old problems.
• Changes of Fortune — Your children used to be equally needy, so an equal split made sense. Today, one child is a well-paid surgeon, the other a talented but struggling artist. Both work hard, and you support their choices with equal fervor. But since the market does not, you conclude that a fair distribution is not an equal one. Your will gives you the power to help the artist in your family.

As I have indicated, this list is not exhaustive. There are many other reasons to make changes. Some concern your own situation or the current state of the law.

Taking these in order, I will next comment on how your own changing circumstances can trigger the need to make updates.

Questions or concerns? Ready to get started with your changes? Book a virtual consultation right now, or call 715-301-0055.

Disclaimer: This post is for educational purposes only and does not create an attorney-client relationship. Always consult a qualified estate planning attorney about your specific situation.