There’s nothing better than the feeling you get when you first create an estate plan. Even if it was a difficult process, it’s nice to know that you have a plan in place to protect you, your loved ones and your estate as a whole.
But then something happens. As the years go by, you come to realize that the estate plan that once suited you is no longer perfect. This leads you to review the finer details in an attempt to determine what comes next.
If you realize that your estate plan needs updated, don’t hesitate to take action. Here are a few times in your life you should strongly consider making a change:
- Child birth or adoption: Everything changes in your life when you bring a child into your family. And that includes your estate plan. Revisit your estate plan to ensure that it still suits you and your new child. Chances are that you need to make some changes, such as naming a guardian for your new addition.
- Divorce or marriage: Both of these major life events will impact your estate plan. For instance, if you get married, you may want to name your new spouse as the sole beneficiary of your estate. Just the same, should you divorce, you need to make changes to ensure that your ex isn’t in line to receive your assets upon your death.
- Relocation: Estate planning laws vary from one state to the next. So, if you move to another state, take your estate plan with you and review it with a legal professional upon arrival. There’s a good chance you’ll find that you need to adjust it in some way.
- The death of a loved one: Take for example a situation in which a loved one, who was named in your estate plan, passes on before you. It’s critical that you remove them from your estate plan.
These are just a few of the many times in your life you should review and update your estate plan. When you take action, you’ll feel better about your estate plan and how it’ll affect you and your loved ones in the future.