You may have a basic estate plan in place, but did you know that estate plans are meant to grow with you? Over time, you may need to review and alter them to adapt them to changes in your life.
There are several times when it might be a good idea to review your estate plan, such as when:
- A new child is born in your family, such as a child of your own, a grandchild or a niece or nephew you feel close to
- You get married or divorced
- You move to a new state
- You have new stepchildren you want to account for in your estate plan
- Someone you had listed as a beneficiary dies
- You have a falling out with a friend or family member
Overall, major life changes should be the trigger for reviewing your estate plan. You can also ask your attorney to reach out if there are any significant changes to estate planning laws or requirements.
Why is it important to keep your estate plan updated?
It’s important to keep your estate plan updated, because if you don’t, certain aspects of it may be difficult to carry out following your death or serious injury. For example, if you have a friend listed as your health care proxy but that person passes away, the appointment won’t be able to be used, and you may have a new proxy that you didn’t want.
Your attorney can help you review your estate plan any time you’re ready to do so. Our website has more on what to consider when you adapt your estate plan after major life changes occur.