If you create an estate plan, it means you have done the responsible thing and planned for your family’s future. However, you may not realize that estate plans aren’t “set-it-and-forget-it” documents. Because of this, regular updates are needed to keep things accurate.
Some situations requiring you to update your estate plan can be found here. Knowing what these are will help you keep things accurate.
Have you moved to a new state? If so, it’s important to review the laws for estate planning. In many cases, the laws that dictate these documents and what is considered legal vary from one state to another. If you move, it’s important to ensure your estate plan is still valid.
Marriage or divorce
A significant life change, like getting married or divorced, also requires updating your estate plan. After getting married, it’s time to change your beneficiaries and name your spouse to handle certain aspects of your estate after you pass. If you get divorced, the same situation applies. You want to remove your ex as a beneficiary and replace their name with someone else for important estate roles.
You have a child
Having a child is exciting, but your estate plan may be the last thing on your mind. However, it’s important to ensure a child is added to your estate plan so they can receive your assets when you pass away. It’s important to update your estate plan with each child you have.
Keeping your estate plan updated and accurate
As you can see, several situations may require you to update your estate plan. Keep these in mind to know when you need to make changes to ensure that your plan reflects where you currently are in life.