Residents in Washington State who have gone through the process of creating a thorough estate plan do not generally eagerly await the opportunity to do it again. This can be a very time-consuming experience and an emotional one as some very important decisions should be made and conversations should be had. However, the fact of the matter is that any estate plan should be kept updated as life changes often dictate this.
Forbes explains that some events such as the marriage or divorce of either the person who created the plan or one of their beneficiaries, executors or trustees warrants some changes to a plan. Similarly, the birth or death of one of these people would require some legal changes to be made. Major shifts in a person’s set of assets or debts may logically require a new look at a will or a trust.
Remarriage is another time when people should reconsider all their prior choices as they are often in a new situation where they wish to provide for their existing children as well as their new spouse and these parties are not related to each other.
According to Kiplinger, not every revision to an estate plan may necessitate a completely revised trust or will. If changes are clearly related to specific choices or topics, people may be able to create a codicil that would be essentially an amendment to the previous will. These can be helpful tools in keeping an estate plan updated without undue hassle to families.