Changing circumstances should spark a fresh look at an estate plan.
Britney Spears, who currently has a will that would leave all of her assets to her two minor sons when she passes away, has taken a fresh look at her circumstances and decided she’d like to change the distributions from her will, so that a trust provides staggered distributions to her sons.
What this important change will do is distribute her assets over time as her son’s reach specific ages, according to TMZ in “Britney Spears I Need a New Will to Protect My Kids.”
The important thing to learn from Spears in this case, is that when circumstances changed, she revisited her estate plan to adapt it to those circumstances.
Before she had children, her current will might have made sense as her best estate planning option. However, with minor children, a trust to protect the distributions under her will became the better option.
This is something that everyone should do. Changed circumstances require changes in estate plans.