Life frequently changes. An effective estate plan should reflect those changes.
Imagine this. After spending years working towards building a career, you meet the person of your dreams, fall in love and marry.
The two of you have a baby girl and naturally you want to give consideration as to who should be her godparents. Being savvy, you understand the necessity of an estate plan in regards to making the guardianship of your child legal should anything happen to you and your spouse. You schedule an appointment with an estate planning attorney for a few weeks out, sit down with your spouse, and the two of you start pondering who you trust enough to raise your little girl.
You make a list of family and close friends. Since you married late, you reason that your parents are too old to be burdened with the responsibility.
You have a sibling. Your wife does not. However, you and your sibling don’t get along particularly well. Scratch that idea.
You think about the married couple you spend all your free time with. They are very close and dear friends. But they have made it clear they have no interest in having children of their own. You worry they wouldn’t be able to offer yours the attention and affection she deserves. And so, you cross them off the list.
On the other hand, you have another friend who adores children, yours especially, and would love one of her own. The trouble is she is single and doesn’t make a whole lot of money. Furthermore, you and your spouse share traditional values which lead you to believe children need both a mother and father. Another one bites the dust.
Finally the deliberation comes to an end. You choose your godparents. They are a married couple, long time friends, have similar values, love for children, and are expecting …Eureka!
You make the call. They accept. Fast forward a few weeks later. Your plan is drafted and signed.
But suppose in the next two years your child’s godparents divorce, your single friend marries, and your little girl becomes a big sister.
Life has a way of taking some unusual, sad, unpredictable and wonderful turns. Updating or revising keeps your estate plan relevant in the face of such change.
