Family Changes that Call for an Estate Plan Update
The family you have now may not be the same family you have after a couple of years. Families grow or shrink in size as new members join or leave. With every change, your estate changes, as well. This is why it’s important to plan your estate to reflect the most recent change in your family.
Consider these changes that will impact estate planning:
In Denver, your family attorney should be called in to update your estate after you or your descendant has been married. This welcomes a new person into the family, or several persons, in case the marriage involves children. While you have some freedom to decide on what each member of the family will inherit from the estate, in case the estate needs to be divided equally among your descendants, the presence of grandchildren may come into play.
A family is not just constantly growing. Untimely deaths may also change the future of your estate. You’ll be surprised at how many families fight over inheritance. Failure to update the estate plan to remove those who have died may cause rifts between the remaining family members. It’s stressful enough to deal with a death in the family; the last thing they need is a fight over who should inherit what is supposed to go to the decedent.
Adoption brings in another member into the family that is not related to you by blood, but after due process, they should receive a fair share of the estate. However, not everyone in the family might treat them fairly. An updated estate plan that lists their name along with other family members will make it easier for everyone to accept them and the fact that they are entitled to a portion of the estate, as well. Adult adoption is also worth looking into, whether someone is being adopted into or out of the family.
A lot of things happen during your life. With each change, update your estate plan to prevent family rifts.