Do I need to update my estate plan if I have another child?
By Stephen Wood - Dec 11, 2020
A question that we often get is whether you need to update your will or living trust based estate plan if you have another child after you sign it. I’ll give the answer everyone loves to hear – “maybe”. Let me explain…
Distribution
If you selected to have your assets equally divided among your children when you set up your living trust with us, then after-born children are included automatically. You don’t need to update your trust in this situation.
On the other hand, if you selected another type of distribution such as unequally divided among children or unequally divided among children and others, then you will need to update your trust to include your new little bundle of joy as a beneficiary.
Nomination of Guardian
After-born children are automatically included in your nomination of guardian, so you don’t need to update this document. Get a free nomination of guardian here.
If you still have questions, please don’t hesitate to reach out to us. We are here to help you get your estate plan done and make sure you have peace of mind!
