The Importance of Updating Your Estate Planning in Walker MN

by | Jan 15, 2015 | Lawyers

Estate planning is not something you do one time and forget about it. In order to make sure your wishes are truly adhered to upon your death, you must keep your plan updated. Changes in your life or the lives of your beneficiaries could make what is currently in your estate plan a bad idea. For example, if your will states that a sizable portion of your assets should go to your son and his wife but your son goes through a nasty divorce before you update your will, his ex-wife is likely to get a portion of your money and there won’t be much anyone can do about it.

A will is not the only document you have to worry about when you consider Estate Planning in Walker MN. You should also check the beneficiary designations on your financial accounts to ensure they still reflect your wishes. Bank accounts, individual retirement accounts and life insurance policies do not go through probate court so it is important to keep them updated to reflect changes in your life. Neglecting to take this step after a divorce could result in your ex-spouse receiving the proceeds from your IRA or life insurance and there may not be anything your family can do about it.

Revocable trusts are a valuable tool for Estate Planning in Walker MN that can be easily changed at any time. However, it is important not to make changes based on emotion and then forget about them. Rather than disinheriting one of your family members because they’ve been making bad choices, consider working with an attorney to add restrictions into your trust so your loved ones will have to meet certain criteria before the assets you leave to them will be transferred.

By choosing an attorney such as Brainerd Minnesota Law Firm to help with your estate planning, you can be certain that all of your documents are legally enforceable so your assets will be transferred to the intended recipients. Your attorney may help you update your will and other estate planning documents when you have significant changes in your life. When you get married or divorced, add a child or grandchild to your family or lose your spouse, contact your attorney to review your plan and make necessary changes.

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