Life is full of big changes—some exciting, some unexpected—but they all have the potential to impact your estate plan. Major life events, from marriage to financial shifts, can alter your wishes, legal responsibilities, and asset distribution. If you don’t review and update your estate documents accordingly, state laws or outdated instructions may decide the fate of your assets. Here are times when it's crucial to review your estate plans:
Moving to a New State
Different states have different estate planning laws. What worked in one state might not be valid in another. If you relocate, updating your will, trust, and other estate documents is essential to ensure your plan reflects your new state's legal requirements.
Death of a Beneficiary or Executor
When a beneficiary or the executor named in your estate plan passes away, it’s vital to update your plan to reflect this change. This ensures that your intentions are honored and your estate is managed according to your wishes.
Becoming a Parent
Bringing a child into your family is a joyous event that necessitates a fresh look at your estate plan. Clear guardianship designations in your will can protect your child's future and establish financial security if an emergency occurs.
A Significant Change in Assets
Financial changes, whether it's receiving an inheritance, starting a business, or encountering financial hardship, can significantly influence your estate planning goals. Adjustments to your plan should reflect these changes to protect your assets and fulfill your future wishes.
Getting Married or Divorced
Marriage affects your legal and financial standing, potentially changing how your assets should be distributed. Divorce, on the other hand, requires immediate updates to your estate plan to prevent unintended beneficiaries from inheriting your assets.
Review your estate plan regularly—experts suggest every three to five years or immediately following a major life event. If you have questions or need assistance, consulting an estate planning attorney can help you navigate these changes smoothly. Professional guidance ensures your estate plan stays aligned with your life and legal goals.