A good estate plan is one that is flexible enough to allow you to change it when necessary. For example, some people in Florida created estate plans years ago and, after getting married and having a child, decide they want to update their plans. Here is why the birth of a new child, or any significant change in life events, should prompt you to do just that.
You are never under an obligation to leave an inheritance to your children, but if you create a will or other estate planning device prior to having children and don’t change it after, it can cause needless legal complications. You always want to make sure that your plan is clear and current so that anyone who wants to challenge it after you are gone will have a difficult time doing so.
Updating your estate plan to address a new child is relatively simple. If you left an inheritance through your will, for example, you can modify the will by creating a new will or codicil. If you have created various kinds of trusts you can often modify those trusts to reflect the new circumstances.
If you don’t have children yet but plan on doing so in the future, you can always plan ahead and create estate planning elements that allow for the possibility of you having children. For example, if you create a will you can include an inheritance clause that gives equal portions of your estate to each of your children, regardless of how many you end up having.