Creating an estate plan isn’t something most people look forward to, but it’s critical if you want to protect you, your loved ones and your assets both now and in the future.
It can be frustrating to learn that your estate plan no longer suits all your needs, but it’s better than ignoring the issue and hoping that it goes away. Here are some times when you should consider reviewing and modifying your estate plan:
- The birth or adoption of a child: Bringing a new child into your family is one of the greatest joys of your life. However, it also comes with great responsibility, which is why you should consider how it’ll affect your estate plan. For example, you need to name a guardian for the child.
- Marriage or divorce: Both of these will alter your life in a variety of ways, including your approach to estate planning. For instance, if you divorce your spouse, it’s likely that you want to remove them from your estate plan. If you don’t, it could result in serious disagreements upon your death.
- A lot of time has passed: Don’t assume that the estate plan you created many years ago is still viable in today’s world. You should review it regularly, as you never know when you’ll find something that requires your attention.
There are many reasons to modify your estate plan when necessary, including peace of mind and the ability to best protect your family and assets. If you don’t do this in a timely manner, it could result in legal issues upon your death. Protect your family and your estate by updating your plans as necessary. An experienced attorney can show you how.