Life is full of changes, so it does not make sense to maintain the exact same estate plan for years or even decades. However, not everyone in Louisiana realizes that updating their will is even an option. Not only is it possible, but it is also necessary. Here are a couple times when you should be sure to revisit estate planning.
Divorce already commands much of a person’s attention, and there are some important steps to take before filing. This includes updating one’s estate plan to remove a soon-to-be ex-spouse as the beneficiary to any accounts and a portion of the estate. It is not possible to make these changes during a divorce, though it may be possible to make changes when someone is thinking about divorce or suspects that his or her spouse plans to file.
Discovering that a loved one has an addiction or is in financial trouble is another reason to make some changes. It is understandable to still want to leave something behind to this person, but it is important to do so responsibly. Instead of leaving money directly to this loved one, it might be more helpful to create a trust with him or her as the named beneficiary. The funds would then go to the trust, which a third party would manage and distribute according to instructions.
It is very hard to think about other things when facing serious life changes, like when getting married or having a child. Failing to do so could have unintended consequences, though. This is why it may be best to speak with a knowledgeable Louisiana attorney when going through these big life changes, as he or she can help one understand which estate planning options would be most appropriate.