Once you have your will or estate plan in place according to Indiana law, you should not just forget about it. There is a certain peace that comes from knowing your assets and family are taken care of after you pass on, but according to FindLaw, you should still review and make changes to your estate plan on a regular basis.
One reason you may want to update or change your estate plan is if you get married or divorced. If you just met the love of your life and want to make sure they are cared for, you will want to adjust your will. This is also the case if you get divorced as your former spouse may be the beneficiary or executor of much of your estate. While a pre-nuptial agreement cannot be altered except in special circumstances, other changes can be made to protect your assets from an ex.
The goal of an estate plan is to provide for your loved ones after you are gone, but there are times where they will pass on before you do. If you have named an individual who has now passed or you chose an executor who died earlier than expected, you will want to make changes to your estate plan.
State laws regarding estate plans are updated regularly, and any changes to the law may affect your individual will. If you move from one state to another, you may want to consult with an estate planning attorney to make sure your estate is in line with the new state’s laws.
Once your children turn 18 and are considered adults, you may also want to make changes to your will or how they receive your money. At this point, they may not need a guardian to watch over them as they are no longer minors so you can adjust that part of your plan also.
Just passing time is enough reason to update your will. Your life changes and so do your priorities. It is recommended by most that you review your plan every three to five years.
This is intended as educational information and should not be interpreted as legal advice.
