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Around the Web: When to Update your Estate Plan

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As your life changes, your will should as well. Whether you are having your first child or considering divorce, you should always reconsider your estate plan when a big life event emerges. This Kiplinger article addresses just a few of the many possible circumstances that may prompt a change in your last will and testament. 

Your child is getting married

If your child is getting married, it may be time to consider taking another look at your will. It could be time to update it from addressing issues that applied when your child was a minor, to now addressing issues that may arise should your child ever be divorced. It’s recommended that you create these adjustments after your child is officially married, as to avoid any complications should the wedding not happen or you pass away before the marriage. 

Your beneficiaries pass away

If you named someone to manage your estate or to receive any funds and they pass away, you may need to change your will. It is always a good idea to have a contingency plan in place in the event your beneficiary passes away.

You are having your first child

This is the most common time to make your first will is when you have a child. The main purpose for this will is to name a guardian and a trustee if you have one created for your child. It’s probably easier to tackle this before the child is born, when you aren’t too overwhelmed or sleep deprived. 

Life is unpredictable. There are so many reasons you may need to revisit your will. If you need help creating or adjusting your estate plan, contact the team at Rhodes Law Firm today! 

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