The Problem
Most wills are written when children are young. But children grow up — they marry, divorce, start businesses, accumulate debts, and have children of their own. An estate plan that was right ten years ago may no longer protect them today.
Key Risks to Consider
Marriage and divorce: An outright inheritance can become a matrimonial asset in a divorce. A discretionary trust keeps assets outside the scope of divorce proceedings.
Business risks: If your child runs a business and inherits outright, that money is exposed to creditor claims and business failure. A trust provides a protective layer.
Financial vulnerability: Not every child manages money well. A trust can provide for them without giving unrestricted access to capital.
Grandchildren: If your will was written before your grandchildren arrived, they may not be adequately provided for. Check for substitutional gift clauses.
Blended families: Without trust protection, assets intended for your bloodline could end up passing to a step-parent’s family.
What to Do
Ask yourself: have any of my children’s circumstances changed materially since my will was written? If yes — review. It does not mean starting from scratch. It often means updating trust provisions and writing a fresh letter of wishes. The plan needs to reflect your family as it is today, not as it was when you first wrote it.