If you have reached the age of majority in Minnesota, it is generally in your best interest to have an estate plan. It is also a good idea to review your plan periodically to ensure that it still meets your needs. Let’s take a look at the reasons why you might need to take a look at a will, trust or other plan document.
You have gotten married or divorced
After getting married, it may be necessary to add your spouse as a beneficiary to your 401(k) or add that person to your will or trust. In the event that your marriage ends, it may be necessary to take that person off of those documents. It may also be a good idea to revoke that individual’s power of attorney over your finances or medical care.
There has been a birth or death in the family
When a child is born, you will likely want to account for your son or daughter in your estate plan. For instance, you should strongly consider appointing a guardian who will raise your newborn if you are unable to for any reason. Adding a child to your will or trust ensures that he or she is able to inherit a portion of your estate after becoming a legal adult.
It has been more than a year since you last reviewed your plan
If you haven’t engaged in estate planning activities in the past 12 months, it may be a good idea to do so even if you haven’t experienced a major life event. This decreases the likelihood that changes to the tax code at the state or federal level renders any of your plan documents obsolete.
Reviewing your estate plan often can help to ensure that it is structured in accordance with state law. It can also provide you with multiple opportunities to communicate your needs and goals with those tasked with settling your affairs after your pass.