If you have an estate plan in place, you’re already a step ahead of most people. However, estate planning is not a one-time event.
It may have been some time since you reviewed your documents, so some updates may be needed. Below are some of the most common reasons to update your estate plan.
A major life event
Significant changes in your life can affect your estate plan. These include getting married or divorced, having children or experiencing the death of a loved one. Even a move to a new state may impact the legal language in your documents. After any major life event, it’s wise to review your will, trusts and other estate plan documents.
Your assets or goals have changed
Have you recently bought or sold a home? You may have opened new savings accounts or started a business. Changes in your financial situation can affect how you want your estate to be divided. You can add new beneficiaries or update how assets will be shared, for example. If your goals have evolved, your plan should reflect those changes.
You want to avoid family conflict
Outdated estate plans can lead to confusion and disagreements. Clear, updated documents reduce the risk of legal battles and strained relationships. You can also name guardians for your children, appoint a trusted person to be your executor and give clear directions for your care if you become unable to make informed decisions for yourself.
Many people delay estate planning, but waiting too long can cause issues. An updated plan protects your loved ones and helps ensure that your wishes are followed. If you’re unsure where to begin, seeking legal guidance can really help.