Your estate plan is not something that is set in stone. Throughout your life, you may go through some significant changes that will certainly warrant some revisions and updates to your estate plan. Generally, whenever you experience a major change, you should take a look at your estate plan to ensure it is still aligned with your wishes.
When is it Time to Update an Estate Plan?
A well-rounded estate plan should typically include a number of essential items, including a will, a trust, a healthcare power of attorney, and a durable power of attorney, which should all be reviewed whenever there are any major shifts or changes in your life.
Below are some of the events that should prompt you to review or update your estate plan:
- You got married or divorced: Marriage and divorce are both events that should lead you to review and update your estate plan. Chances are, if you were married, much of your estate would have been passed down to your spouse in the event of your death. If you are getting a divorce, now is the time to make some adjustments since it is unlikely you will still want your spouse to inherit after your passing. If you are tying the knot, you will likely want to include your spouse in your estate plan.
- You had a child: Having children will surely have a major impact on your estate plan. You can designate a guardian for minor children and, in addition to leaving assets behind for them to inherit, you can leave specific instructions as to how they will inherit any assets you leave to them. That can be particularly crucial in cases where a child may be too young to responsibly be in control of an inheritance.
- Three to five years have passed since you reviewed your estate plan: The passage of time is also a good reason to review and possibly make changes to your estate plan. A good rule of thumb is to review your estate plan every three to five years to ensure it accurately reflects your wishes.
These are just a few reasons why you might want to consider reviewing and updating your estate plan. Schedule a consultation with an experienced estate planning attorney to further discuss any changes you may want to make.
Speak to One of Our Skilled Estate Planning Attorneys Today!
At Drexler Law, our estate planning team is backed by more than a century’s worth of combined experience. You can rely on us to assist you with any updates you need to make to your estate plan.
Call us today at (719) 259-0050 to schedule a consultation with one of our attorneys to get started.