If you’ve created an estate plan to protect your family’s future, you’ve taken an important first step toward securing their wellbeing. Your life circumstances will inevitably shift over time, requiring adjustments to keep your plan effective.
Documents drafted years ago might fail to address your current family structure or asset portfolio. Regular updates help ensure your wishes remain clear and legally binding as your life evolves.
Life events that signal it’s time for an update
Major personal changes often require revisions to your estate planning documents. Here are some key life moments that warrant another look at your legacy:
- Marriage: New marriages mean adding your spouse to beneficiary designations and creating appropriate powers of attorney.
- Divorce: Splitting up could entail a review in order to cut former spouses from these important roles.
- Birth or adoption: New children or grandchildren in your family need proper guardianship provisions and possibly trust arrangements to protect their financial future.
- Home purchase or move: Buying property in a new county or relocating to another state brings different legal requirements that might affect how your documents function.
- Career changes: Job promotions, business ventures or retirement plans can alter your financial picture and may demand updates to your estate plan.
- Health diagnosis: Serious health news should trigger reviews of your healthcare directives and might influence how you want your assets to move.
Your personal milestones tell only part of the story—external factors also play a crucial role in estate planning.
Legal and financial changes that affect your estate plan
The legal landscape shifts continuously, potentially impacting your estate planning strategy. These events could be a good time to reconsider your plan:
- Changes in estate tax exemptions or inheritance laws
- Buying valuable property, investments, or collectibles
- Acquiring or losing online accounts, cryptocurrency, and digital businesses
- Major changes in your beneficiaries’ lives such as marriages, financial troubles, special needs or even death
Your estate plan serves as your voice when you can no longer speak for yourself. Schedule a review with your estate planning attorney after major life events or every few years to make sure your plan still reflects your wishes.
