My job as an attorney is to help individuals complete their Idaho estate planning so that they are prepared for the uncertainties of life. The very nature of life makes it so that plans sometimes change. One of the questions my clients often ask me is whether they can change their estate plan once it has been created for them. The short answer is that it can be changed at any time that they would like. I counsel my clients to look over their estate plan regularly to make sure that it’s still meets their needs especially if their circumstances have a changed. Below are some of the major reasons why in the state plan may need to be changed.
1. BIRTH OF A LOVED ONE
If a loved one has been born this would be a major reason for making changes to an estate plan. This could include the birth of a child or grandchild or some other individual in the family that you want to provide for specifically through your state plan. As a parent, perhaps the most important thing to consider is naming a guardian for your children while they are minors.
2. DEATH OF A LOVED ONE
Likewise, the death of a loved one is an important reason to review your estate plan to make sure that it still accomplishes it’s main goals. If you recently lost a spouse or a child who were the focus of your original estate plan then it is time to make some changes. You will want to consider who you now want your estate to go to and in what way you want it to be distributed. Perhaps you have different individuals in mind that you want your estate distributed to. Alternatively, perhaps you would rather that your estate now go to a charity or to multiple charities. while you have capacity you have the ability to make these changes at any time that you choose.
3. SOMEONE MOVED
Whether you have move, or someone else who you is named in your estate plan is move, moving is an important reason to refer to and maybe make changes to your estate plan. Consider for a moment the individual you have named as your personal representative. If you name them because they live close to you and now they have moved and live across the country, it may not be feasible for them to still act in the position as your personal representative.
4. DIVORCE
Again, whether it’s your divorce, or the divorce of a loved one, a change in a person’s marital status is an important reason for looking over an estate plan and deciding whether any changes need to be made. A divorce can change the entire landscape of property that is owned, and how it would be distributed upon your death. Additionally, individuals who you were related to may now no longer be your relative. Through your estate planning you have the ability to make distributions to any individuals that you choose. This is true whether they are you a relative or not.
So the short answer to the question is yes you can change your estate planning anytime that you want. Change in your estate plan makes good sense if there has been a change in a major part of your life.
If you have questions about your current estate plan, or making changes to your estate plan, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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