Estate plans are not static creations that, once you make, you can leave and not look at afterwards. Like your car, your plan requires regular maintenance. In some situations you may need to revisit your plan as soon as possible. One of these situations is when you have made a last will and testament and, afterwards, have a child.
Revisions
When you make a will you make choices about your property and how you want to distribute it after death. Most people choose to leave their children inheritances, though this is not a legal requirement. If you have a child after you make your will you can easily go back and revise the document to reflect your new situation. Whether you want to provide specific inheritances or include the child in a proportional inheritance, you can make any changes you like by creating either a new will or a codicil.
Inclusive Language
Many people who create a will and who want to leave inheritances to their children will use language to cover children they have at the time they write their will, as well as any future children. For example, you might use an inheritance clause that states that each child will receive an equal portion of your estate after your spouse has received his or her share.
Timeliness
While it may seem like you have all the time in the world to update your will, you should act as quickly as possible whenever you have a child or experience a major change in life circumstances.
- Removing Life Insurance from the Taxable Estate - August 5, 2020
- Be Aware of Medicare Gaps - August 4, 2020
- When Is Probate Necessary? - July 30, 2020
