When was the last time you updated your estate plan? Has it been more than three years? Then it is likely due for an update.
You can update your estate plan at any time — but a few events should cause you to update your estate plan right away. Here are the questions that you should be asking yourself:
Did you get married recently?
If you recently got married, then it may be time to add your newlywed spouse to your estate plan. Not only could you name your spouse as a primary beneficiary but you may want to give them the role of power of attorney and guardian of children from another relationship.
Did you get a divorce?
If you had a divorce in the last few years, then you may need to make adjustments to your estate plan. Anything your spouse may have a right to in your estate plan may need to be removed. This also includes changing the beneficiary designation on accounts and life insurance policies that bypass your estate.
Did you have a child?
You may want to alter your estate plan if you have a child. You could plan for your child’s future with the use of a trust and use your will to name a guardian for your child if they’re a minor when you and your co-parent pass away.
Did you develop a medical illness?
If you had to go to a hospital because of a medical illness or a serious injury, then it may be time to update your estate plan. With the anxiety of developing a medical condition, you may need to update your powers of attorney designations.
Did you start a business?
You can include a business succession plan in your estate plan to protect your legacy. An updated estate plan could help you clarify how your business should be managed after you pass away.
Did you plan a vacation?
Anything can happen during a vacation. Before you leave for your trip, you may want to review your last wishes and make sure that everything is intact.
If it is time to update your estate plan, you can reach out for legal help to discuss what you need to change.
