3 Times in Your Life when You Should Update Your Estate Plan
As you get older, you start to prioritize what’s important to you. You want to make sure your assets will be distributed to the people you care about when you’re gone. Updating your estate plan is a smart move if something significant in your life changes.
Your relationships change
It’s possible your relationship status has changed since you first made your estate plan. You may have gotten a divorce, or your spouse has passed away. You might want to remove your previous spouse and add your new relationship to your plan.
You may have new additions to your family—such as children or grandchildren—and would like to add them to your estate plan.
Your assets change
A change in your finances is a prime opportunity to update your estate plan. You may have made some money through a pay raise, or the sale of a business. The purchase of real estate could also be an opportune time to alter your plan.
Moving to a new state is a necessary time to reevaluate your estate plan. Estate planning laws differ from state to state, so your old plan may not be considered valid in your new state.
Even if you are just getting a secondary residence in a different state, your plan may need an update. Having your plan reviewed by a local lawyer will help guarantee the legitimacy of your plan.
You want to provide for your family and the people you care about after you’re gone. By updating your estate plan during important life events, you help ensure it will continue to reflect your wishes under changing circumstances.