8 Reasons to Update an Estate Plan Set Up to Benefit Children

During your first attempt at creating an estate plan, you may have opted to take a simplified approach. Perhaps you were single at the time or did not have any children. Regardless of the reason, it is important to revisit your plan as your family circumstances change. One type of modification that you may wish to make is to plan for distributions to your children. While some families opt to distribute the assets to their children outright and immediately upon their death, other families may want to take a more protective approach to the trust assets.

What type of situations may lead a parent to modify an estate plan in order to have more ongoing control over trust assets that are for the benefit of children? Following are several common examples:

  1. The child is a minor or is still relatively young.
  2. The child has a history of being irresponsible with money.
  3. The child has a history of drug or alcohol abuse.
  4. The child is in a relationship that you fear may end in divorce.
  5. The child is involved in an ongoing legal battle, or you fear there is a possibility that a lawsuit could come about in the future.
  6. The child has significant credit issues.
  7. The child is involved in a bankruptcy proceeding.
  8. The child is emotionally or mentally immature.

Deciding whether you need to update your estate plan to change how assets are distributed to your children and what types of changes to make is an important issue that requires careful consideration. Meeting with your attorney will allow you to review your current documents and discuss your present circumstances. To learn more about updating your Orange County estate plan, call our office today at for a consultation.