Creating your estate plan will often require you to meet with an attorney and draft several estate planning documents, including a will and medical and financial powers of attorney. The documents in your estate plan will depend on your specific needs.
Once you have finalized your estate plan, it is important that you continue to update your plan as the years go by. Failure to update your estate plan can cause problems for your intended beneficiaries after you pass away.
Generally, experts suggest reviewing and updating your estate plan with an estate planning attorney in Oklahoma every 3 to 5 years. You should also make sure to update your estate plan when you experience a major life change. Here are three situations where it may be essential to update your estate plan:
- Remarriage: If you get a divorce and later get remarried, you will want to update your estate plan to ensure that your new spouse has your power of attorney, or the ability to make medical and financial decisions on your behalf if you ever become incapacitated. You will also want to ensure that your new spouse is listed as a beneficiary.
- New child: If a new child is born or adopted into your family, you may want to add them as a beneficiary.
- Death: The death of a loved one, such as a child, spouse, or other relative, may require you to update your will or remove them as a beneficiary.
Creating an estate plan is just the first step to protecting your beneficiaries. Updating your plan when necessary is the second step and is just as important as the first.