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When should I update my estate plan?

On Behalf of | Nov 12, 2021 | Estate Planning |

There are certain times in the estate planner’s life when they may want to take a hard look at their estate plan to determine if it still makes sense for them. Just like when they set up their estate plan, estate planning tools are flexible to help estate planners with an estate plan that meets their needs and can also help them when they need to update their estate plan as life changes.

Getting married

When estate planners get married, there may be new considerations to take into account concerning their estate plan such as including the spouse in their will and other aspects of their estate plan.

Getting divorced or remarrying

When the estate planner gets divorced or remarries, it is likely they will want to update all of the components of their estate plan to either include the new spouse or remove the former spouse from estate planning documents.

Becoming a parent

When estate planners become parents, there are new considerations they may want to include in their estate plan such as including the child in their will and they may also want to add a guardian to their estate plan.

Death of a spouse

Whenever the estate planner experiences a death, it can impact their estate plan and may also have tax consequences they should be aware of and consider as well.

Relocation to another state

Whether it was retirement or some other life event that took the estate planner to their new state, they should review their estate plan after moving to ensure it complies with the estate planning laws and requirements in their new state.

Estate planning can be a significant, yet simple, step to take using estate planning tools designed to help estate planners prepare and plan ahead for their loved ones. Proper review of an estate plan is an important component of that process.