Your estate plan does not need a complete rewrite every year, but you should review it whenever something significant changes in your life. Marriage, a new child, major purchases and other changes can affect the people you name and the way you want your property handled.
Here are some of the events that should prompt a review.
After marriage or divorce
Marriage or divorce can change who you want to inherit your property and who you trust to make decisions for you.
After either event, review the people named in your will, trusts and other estate-planning documents. Kentucky law does not automatically revoke a will when you marry, while a divorce generally revokes certain provisions benefiting a former spouse unless the will says otherwise.
After having or adopting a child
Having or adopting a child can create new responsibilities that your existing plan may not address. You may need to name someone to care for your child if you cannot, as well as decide how you want property to benefit them. Kentucky law allows a parent to nominate a guardian, limited guardian or conservator for a minor through a will.
After acquiring significant new assets
Buying a home, receiving an inheritance or starting a business can change what you want your estate plan to accomplish. Review how those assets fit into your plan and whether their ownership or beneficiary arrangements still match your wishes. This step can help prevent a major new asset from being overlooked.
After the death of someone named in your plan
The death of a beneficiary, executor, trustee or other person named in your plan can leave your instructions outdated. Review the affected provisions and decide whether you need to name someone else to receive property or handle responsibilities.
When your wishes or circumstances change
You should also revisit your plan when your priorities or important personal circumstances change. You may want different people to receive your property, handle your affairs or serve in another role. Even without a major life event, these changes can justify a review.
Keep your estate plan current
If one of these changes has happened since you created or last updated your estate plan, consider scheduling a review with an attorney. Going through your current documents together can help you determine whether you need to change a beneficiary, appoint a different person to handle your affairs or make other updates to your plan.