Financial planners typically recommend a thorough rereading of your estate plan every five years, or every three years if you’re over 60. That said, there are some changes that should be made as soon as possible.
Life Events That Could Affect Your Estate Plan
If there’s a significant change in your finances, your health, your family, or your relationship status, you shouldn’t wait until the next meeting with your estate planning attorney rolls around. If you were to suddenly pass away, your heirs could be held to the provisions of a will that you made in drastically different circumstances.
You should make immediate changes to your will and estate planning documents after a:
- Death. If a close family member that played an important role in your estate passes away, you’ll need to name an alternative to serve as executor, trustee, or guardian of your minor children.
- New addition. Your plan may be affected by a change in the number of your dependents, such as the birth or adoption of a new child or grandchild or caring for an ailing adult.
- Health crisis. You should make an appointment to update your will if you or your spouse was diagnosed with an illness, suffered a disability, or will likely need nursing care in the next few years.
- Significant birthday. You may want to help a child or grandchild who has turned 18, graduated from high school, or needs educational funding.
- Marriage. You might need to consider your spouse’s inheritance, make provisions for future children, or change the provisions you made for a former spouse.
- Divorce. You may want to remove your ex-spouse as an executor or heir.
- Large purchase. Purchasing a home, life insurance coverage, investments, or borrowing a large amount of money could lead to fights over your heirs’ inheritances.
- Business deal. Changing careers, starting a business, selling company assets, or closing your doors for good can all affect the provisions for your family’s future.
- Change in financial laws. Any changes in federal or state tax laws may require you to restructure your assets or lose large amounts to the government.
Whether you have already created a will or are starting from scratch, our experienced legal team can listen to your concerns and explain your options. Contact us today through our online form to learn how we can be of assistance.