Wills Lawyer
If you’ve recently welcomed a new tiny, human addition to your immediate family, it’s time to either craft an estate plan or revise any versions that you already have in place. The stakes are too high to wait one day longer to engage in this critically important task.
Revising an Existing Version
As an experienced wills lawyer – including those who practice at the Law Group of Iowa – can confirm, courts are generally bound to honor any properly-executed estate planning documentation that a deceased person drafted during their lifetime. As a result, if you don’t update your estate planning documents when a major life event – such as the birth of a child or the purchase of a new home – occurs or your preferences change, the courts may not opt to override your existing estate plan in favor of an arrangement that more accurately reflects your wishes upon your death.
As the birth of your child almost certainly means that you’d like to explicitly name them as a beneficiary, it’s time to update your will. If this is your first child, you’ll also want to name a guardian in the event of your untimely death. You’ll also want to update any financial accounts and insurance policies that name beneficiaries for the benefit of your child as well.
Crafting an Estate Plan from Scratch
If you’ve never engaged in estate planning before, know that you’re not alone. It has been widely estimated that two out of every three American adults don’t have an estate plan in place. Yet, simply because you’re not falling behind the pace of your peers doesn’t mean that you shouldn’t treat this task with urgency and seriousness of purpose.
None of us knows how long we’ll have before our estate plans become urgent business for our loved ones. With a new child to provide for, you can’t risk that they won’t be looked after in the ways that you prefer in the event of your death. By executing a will, naming a power of attorney, crafting an advance healthcare directive, and naming a potential guardian for your child in the event of your death or incapacitation due to illness or injury, you’ll protect them from certain scenarios that would otherwise be out of your control.
Future Revisions
It will remain important for you to continually revise your estate plan at any point that a major life event, acquisition or loss of assets, or a significant change in your wishes needs to be addressed. Remember, courts are generally bound to honor the terms of an estate plan, as it has been executed. Overriding estate planning documentation can be a tricky process and is one that you won’t want to saddle your loved ones with. Speak with an estate planning attorney today about how to keep on top of your estate planning documentation once it has been properly executed.
