Last week we discussed occasions when you should review your estate trust or estate plan. In the next few weeks, we are highlighting some of the major milestones in one’s life that are great moments to review.
One of the first occasions to review your estate plan is after the birth of a child. If you created or adjusted an estate trust after getting married, it most likely does not account for a child or multiple children. After a child is born, it is wise to amend your plan to include your new family member(s).
Estate plans also serve as a great tool to plan for a child’s care. A Forbes article on reviewing your estate plan also cites another important reason to amend your plan after welcoming a new family member. It claims reviewing your estate trust is essential. “So that proper guardians are appointed in the will and proper inheritance provisions are put into place in your trust.”
Also, along with the joy that comes from welcoming a new family member. Is because the knowledge that you are responsible for ensuring their well-being. Reviewing your estate plan to include your newborn child ensures you are planning ahead wisely.