Estate plans are essential tools that help you secure your estates and ensure that our loved ones receive exactly what you want them to. Establishing an estate plan is vital, but it is not enough. Life can change unexpectedly, and an estate plan cannot reflect these changes unless a testator updates their will accordingly. How do you know if you should review your estate plan?
People have many questions about estate planning. Knowing when to start planning, what to prepare for, and how to do it are challenging enough. How can someone tell when it is time to review an estate plan? Here are a few life events that would call for an update to an estate plan:
Marriage
Marriage creates new shapes to your family and can add a spouse, or a spouse and their children to your family. More members in your family mean you need to make sure that you include your loved ones in your estate plans.
Divorce
Similar to marriage, if you get divorced, your estate plan should update to reflect that change. If you should pass on without updating your will, your estate and assets may wind up in possession of an undesired beneficiary.
Birth or adoption
When children join your family, you need to make sure you are protecting them and their future. In addition to establishing inheritances, your estate plan should include your guardianship plans for your children.
Relationship changes
A falling out with a close friend or family member may mean you need to remove them as your Power of Attorney. When someone enters or leaves your life, it is essential to remember to decide how they will relate to your estate plan.
Check your plans often
Marriage, divorce, birth, or new friendships are good reasons to update your will, but you do not need to wait for them. Check your estate plan every year to make sure that your current wishes match your old ones.