Creating an estate plan is a big decision. It’ll impact you, your loved ones and your finances for many years to come. And for that reason, you shouldn’t hesitate to make changes as necessary.
Here are some of the many times in your life when it makes sense to review and potentially update your estate plan:
- The birth of a child: If you bring a child into your home, either through birth or adoption, consider the impact on your estate plan. For example, you will want to name a guardian for the child.
- Divorce or marriage: Either way, you’re making a big change in regards to your personal and financial lives. Maybe your ex-spouse is named as the health care proxy and primary beneficiary in your will. Do you want this to hold true, even though you’re no longer married? Probably not, so you should review and update your will accordingly.
- The passage of time: The years have a way of passing you by. If you can’t remember the last time you reviewed your estate plan, it’s been too long. You may be surprised to find that a few adjustments are necessary. Don’t put these off any longer.
If you have any reason to believe that it’s time to review and update your estate plan, block out time in your schedule to do so. Maybe everything will look good, meaning that you can leave it as-is. But perhaps you find that a few changes will do you and your loved ones some good.
When altering your estate plan, be sure that you do so in a legal manner. You don’t want to take any risks with your future.