Crafting an estate plan involves taking several steps to cover many different areas ranging from financial matters to health care. Individuals who attempt to explore estate planning steps could make things easier when death or other catastrophic events occur. Be mindful that the steps could be ongoing for New Hampshire residents. After writing a will, things may change that require updates and revisions. Returning to the process is wise when certain life events occur.
Events that lead to changes in an estate plan
When an individual is drawing up a will or considering power of attorney designations, a child or grandchild’s birth could require adding the young one to the will. What happens when the child or grandchild reaches grows older? The will might need to remove mentions of guardianship and, possibly, address costs related to education. A child or grandchildren may be old enough to directly receive financial assets or property at a later age.
Several other events may lead to making changes to an estate plan. If the testator inherits real estate property or a significant amount of money, such financial windfalls might need direct mentions in a will. Increases or decreases in life insurance, a loss of trust in the currently named executor, tax matters and more could impact estate plan decisions.
Making necessary changes to the will
Unless a will receives a change, the original will remains in place. Anyone who has issues with the current will, one that might not reflect new circumstances, may decide to challenge the document during probate litigation. A testator likely wishes to avoid such a situation from happening.
An estate plan might involve creating documents beyond a will. Besides power of attorney, a living will, a trust and a health care proxy may require alterations and revisions.
Estate planning changes should take place under the supervision of an attorney. An attorney might review the new documents to make sure they reflect their client’s current wishes and state law.