An estate plan is one of the most important parts of your life. This may not be something you think about every day of the week, but it’s imperative that you are confident in all its details.
Many people create an estate plan, just to assume that they don’t have to revisit it again in the future. While you don’t have to review and change your plan regularly, there are times when this may be necessary.
Tip: if your estate plan is in need of a change, don’t put this off another day. You never know what the future could bring, so everything should be in good working order at all times.
With that out of the way, let’s examine some of the many times when it makes good sense to review and change your estate plan:
- When you tie the knot. Regardless of your age, getting married is a big deal. If you have a plan in place before your wedding day, you should review it to see if changes are necessary. For example, you may want to make your spouse the beneficiary.
- When you go through a divorce. This can be one of the most difficult times of your life for many reasons. While you have a lot on your plate, you should focus some time on your estate plan. Do you need to completely eliminate your ex-spouse from your plan, or are you okay with the idea of leaving him or her involved in some capacity? This is a personal decision that only you can make.
- When you bring a child into the world. Having a child changes everything, so you should most definitely review your estate plan if this happens. You now have another person to care for, and this is something you should take seriously. For instance, you will want to name a guardian for your child.
- If your spouse passes away. You never want to think about this day, but it could come at some point. If your spouse passes on, you’ll need to adjust your estate plan accordingly.
- If there is a major change in your financial situation. An example of this would be if you come into a large chunk of money, such as a lottery jackpot or an inheritance. If your financial situation changes, don’t hesitate to review your estate plan to ensure that it still makes sense.
Are these the only times you should consider reviewing and changing your estate plan? Of course not. Any time you get the feeling that a change could do you some good, review what you have in place with the idea of making a few adjustments.
It can be a challenge to create an estate plan. It can also be a challenge to make changes to the plan that you currently have in place.
If you are confused and wondering what to do next, you can contact our law firm for assistance. We can help review your estate plan, answer your questions, and provide suggestions. It’s our hope that this will give you the knowledge you need to make more informed decisions in the near future.