When you welcome new stepchildren into your life, you may need to update your estate plan too. With the addition of new family members, your estate plan might not reflect your wishes anymore.
Which Updates Do You Need to Make?
The updates you should make to your estate plan are similar to the updates you would make if you just had a baby. This is true whether you just married the stepchildren’s parent or if the children have recently come to live with you. In addition, you may need more changes if you recently got married to the stepchildren’s parent. For example, you may need:
- A will that includes the stepchildren
- A guardianship designation for each stepchild
- College savings, like a 529 plan
- More life insurance
You might also want to expand your estate plan to include medical directives, powers of attorney, and other documents that allow others to make decisions if you cannot. These estate planning structures protect children in your life by maintaining stability even if you are not the one making the choices.
If the stepchildren do not live with you full-time, you may not want to include them in your estate plan yet. Or maybe the children are older and live independently, so a gift in your will is more appropriate. Also, consider talking to your partner, husband, or wife about his or her estate plan. Perhaps your significant other needs to make a plan that protects the children, even if yours does not.
How Do You Make Changes to Your Estate Plan?
The easiest way to make changes to your estate plan is to talk to your estate planning lawyer. You may need addendums written for your documents, or you may need new documents prepared. Your lawyer can quickly and efficiently prepare the correct documents to carry out your wishes.
Be sure to ask your lawyer if he or she recommends that you add any additional estate planning structures. For example, a trust could lower your potential gift and estate tax liability. It also allows you to leave property or money to chosen beneficiaries either during your lifetime or later on. When you have new stepchildren, you will want to take advantage of helpful planning opportunities for the future.
Want to make changes to your estate plan? Local attorney Andrew Szocka, Esq. provides thorough and speedy estate planning help in the Chicagoland area. To schedule a free initial consultation, visit the Law Office of Andrew Szocka, P.C. online or call the office at (815) 455-8430.