How to Update Your Estate Plan After Major Life Events
Major life events can greatly affect your estate plan. Regular updates are essential to ensure your plan remains relevant and effective.
When to Update Your Estate Plan
- Marriage or Divorce: Changes in marital status impact your beneficiaries and asset distribution. Update your plan to include your new spouse or revise terms after a divorce.
- Birth or Adoption of a Child: Adding a child requires updating guardianship and inheritance provisions. Ensure your estate plan secures your child’s future and includes them in your will.
- Significant Financial Changes: Major financial shifts, such as acquiring assets, receiving an inheritance, or starting a business, need to be reflected in your estate plan.
- Health Changes: Signifiant health changes should prompt a review of your medical directives and power of attorney to align with your current needs.
How to Update Your Estate Plan
- Review Your Current Plan: Examine your existing plan. Identify any necessary modifications based on recent changes.
- Consult with an Estate Planning Attorney: Seek professional advice.
- Update Beneficiaries and Guardians: Adjust beneficiary designations and guardianship appointments. Ensure they match your current family structure.
- Revise Financial and Medical Directives: Adjust financial and medical directives to reflect any new assets, changes in health, or shifts in your personal circumstances.
- Communicate Changes: Inform your family and any relevant parties about the updates to ensure everyone is aware of your current plans and wishes.
Keeping your estate plan updated provides peace of mind and ensures your wishes will be honored.
Need Help Updating Your Estate Plan?
Contact Drew Starbuck at Williams Starbuck Attorneys at Law for personalized assistance. Call 702-320-7755 to schedule a consultation and make sure your estate plan reflects your current needs.