It’s a good feeling to have a solid, comprehensive estate plan in place. Not only does it give you peace of mind right now, but you know that it’ll protect you in the future.
The only problem with estate planning is that your circumstances can and probably will change as you age. As a result, you need to review and update your estate plan regularly.
Time alone is reason enough to take a closer look at what you have in place. For example, if it has been several years since your last review, it’s critical that you take a closer look with an eye toward making changes.
This doesn’t necessarily mean you’ll find something to change, but it’s better to be safe than sorry.
Additionally, there are specific life events that should lead you to review and update your estate plan. These include but are not limited to:
- Marriage or divorce: Either one of these will change your life in a variety of ways, so it’s critical that you update your estate plan accordingly. For instance, if you get married, you’ll probably want to name your spouse as the beneficiary of all your assets.
- Death of a loved one: A common example is a spouse that passes on before you. In this case, update your estate plan so that they’re no longer listed as a beneficiary or in any other key role.
- Birth of a child: A child will change your life forever, so make sure you consider the impact on your estate plan. One of the first things you should do is name a guardian for your child.
You don’t need any reason in particular to review your estate plan. You can do this as often as you like. And if you find that something requires your attention, don’t hesitate to take action.
Contact us if you need help reviewing and/or updating your estate plan.