It is essential to revisit and update an estate plan in Wisconsin after creating it to ensure that your wishes are still reflected later in life. Updating your estate plan also can help prevent legal complications after your death. Many changes may occur in one’s life after an estate plan’s creation but before it goes into effect. For example, relationships may change, people get married/divorced, loved ones may pass away or be born, and financial situations may change.
Relationships Change
At the time of the creation of an estate plan, you select a variety of people to fulfill roles to ensure your wishes are followed after you die. These positions, such as your Personal Representative, Healthcare Power of Attorney, and Financial Power of Attorney, require trustworthiness and knowledge of the testator’s (writer of the estate plan) wishes. So, over time, the people you selected in the past may no longer reflect your current relationships. For example, you may become estranged from some of your family or friends, and you do not want someone you no longer talk with to be responsible for your final wishes.
Marriage/Divorce
Major life changes, such as a divorce or marriage, are essential to account for in your estate plan. If you get married, you will want to establish them in your will and possibly in power of attorney positions in the case of your death preceding theirs and ensure that the proper alternative positions are also listed. If you get divorced, you will also want to revisit your estate plan, as it may still include your ex-spouse as a beneficiary. Most people will want to change this to reflect their new marital status and ensure that their assets do not unintentionally go to their ex-spouse. Additionally, you will also want to revisit your estate plan if your children get divorced to ensure that your assets go to the right beneficiaries.
Birth of Children/Grandchildren
In Wisconsin, if you have children and your original estate plan does not reflect them, it is essential to revisit your estate plan. This allows you to include them as beneficiaries in your estate or appoint them as agents when they are adults. You may also want to appoint guardians and alternative guardians for your minor children in the event that both parents pass away before the children are adults. By clearly outlining your wishes for your assets to your children, this also helps avoid legal complications and family issues after your death. For example, you may want to designate particular family heirlooms to different children or state that everything is split evenly. Additionally, if your children now have children, you may want to include your grandchildren in your estate plan.
Deaths
In the unfortunate situation of beneficiaries or agents’ deaths preceding yours, you will want to reflect these changes in your estate plan in Wisconsin. Legal complications can arise if dead people are listed in your estate plan if alternative agents or plans are not included. Wisconsin’s anti-lapse statute, as established by statute 853.27, allows some flexibility if a beneficiary dies within 5 months of the testator and allows their share to be passed to their children. However, when the anti-lapse statute no longer applies, parts of your family may be unintentionally disinherited if changes are not made to the estate plan.
Changes in Financial Situation
Significant changes in your financial situation also create important opportunities to revisit your estate plan. For example, receiving a large inheritance, starting a business, acquiring major assets like a house, or experiencing significant increases or decreases in the value of your assets may require adjustments to your original estate plan.
Conclusion
Major life events are a crucial time to revisit your estate plan to ensure your wishes are still followed. Contact Konstantakis Law Office for help personalizing changes to your estate plan to cater to your unique situation and ensure your wishes are followed. See our pricing chart for more information about hourly rates for custom touch-ups and smaller changes.
