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You And Your Future

When should you update your estate plan?

On Behalf of | Jan 23, 2023 | Estate Planning |

When it comes to ensuring long-term financial security for yourself and your loved ones, an essential part of preparing for the future is having a comprehensive estate plan in place. Having an estate plan can help give you peace of mind that everything from healthcare decisions to the distribution of assets will be taken care of after you pass away.

But when should you update your existing plan?

Four key times to review and revise your estate plan;

When you get married or divorced

Marriage or divorce creates status changes that need to be acknowledged in your estate plan for the documents to be effective. This includes altering beneficiary designations, reviewing state laws regarding inheritance and possibly updating powers of attorney.

When you have a child or grandchild

Updating your estate plan is crucial to protecting the financial futures of your children and grandchildren. It should be done whenever a child or grandchild is born, adopted, or added to your family.

When you move to a new state

Moving to a new state can have significant implications for your estate plan. State laws vary widely across the country, especially regarding tax statutes, probate matters, and even privacy rights.

If your health changes

A sudden change in health can bring about an unexpected expense or significantly impact your lifestyle and ability to care for yourself. If that happens, ensure the details of your will and other applicable documents are up to date so the plans you’ve made will stay in effect no matter what happens down the road.

Having an estate plan can be incredibly beneficial–not only will it ensure that those closest to you are provided for, but it can also reduce stress on your family during difficult times. If you have experienced any life changes or it has been more than three years, consider updating your plan as soon as possible.