Estate planning and you, part V. (Legally Speaking).(revamping estate planning)(Brief Article)

Over the previous four issues, we have discussed trusts, wills and other various estate planning tools. You may think that once you have a will drafted and executed or a trust document created, you are done with your estate planning. That is not entirely true. There is constant maintenance that must be performed to make sure that your wishes are carried out as desired. An estate plan covers a specific set of financial circumstances. When your circumstances change, your overall estate plan may have to change as well. The following events necessitate a review of your estate plan:

Births: A new child or grandchild means new needs that you'll want to cover.

Deaths: The death of your spouse, children, other beneficiary, your executor, or child's proposed guardian may require major changes or a simple substitution of a new name.

Marriages: Your own marriage certainly calls for reviewing your plan, but children's marriages may also make adjustments necessary.

Divorces: An update is definitely necessary if you divorce, and a review or change may be necessary if a beneficiary divorces. If your will leaves all of your assets to your divorced spouse, but you are remarried and really want your new spouse to receive your estate in the event of your death, the will must be updated and changed to reflect this desire. Many probate fights occur between the current and former spouse of a decedent. These problems can easily be avoided.