If you’ve executed an estate plan, don’t assume you are finished with the process. Circumstances change and as such, you should review your plan regularly and make changes to reflect your changing needs. Regular review is the best way to help ensure that your plan protects your loved ones and your assets.
Here are several circumstances under which you should absolutely review your estate plan:
- Marriage or Divorce: If you’re tying the knot or dissolving your marriage, it is crucial that you review your estate plan. For example, if you’re in the midst of a divorce, review and update your plan immediately to ensure your soon-to-be ex-partner doesn’t inherit from your estate, unless there is a good reason.
- Bringing a Child Into Your Family: A new child will impact your life, finances, and estate plan in a variety of ways. Whether you are a first time parent, or parent of multiple children, your estate planning documents should reflect your children’s guardians and include certain tools to ensure your children inherit from you in the most appropriate way possible to suit their individual age, needs, goals, and personality.
- The Death of a Loved One: If your spouse or other beneficiary passes on, it is important to update your plan to reflect the same, so you can ensure the people who inherit from your estate are the people you intended.
- Change in Your Assets, Business, or Income: if any of these change, it could impact the needs of your beneficiaries in significant ways.
- Change in Your Health: This one should be obvious, but you would be annoyed at how many people fail to adequately address how their plans might change when their health does.
It is generally good practice to review your plan annually and after any major life event. If you have questions about reviewing your estate plan or would like us to help you do so, contact our law firm to schedule a consultation.