If you’ve already created an estate plan, you’ve probably breathed a sigh of relief feeling like you have all of your affairs in order. While the completion of your initial estate plan is a big accomplishment, it isn’t the end of the process. In fact, you should revisit your estate plan regularly so that you can ensure that life’s changes don’t threaten to disrupt your vision for the distribution of your estate’s assets.
When should you modify your estate plan?
There are a lot of life events that warrant another look at your estate plan. Here are some of the most common:
- The birth of a child
- The birth of a grandchild
- The death of a loved one
- Your divorce or the divorce of someone named in your estate plan
- The acquisition of new assets
- Changes in relationships with named beneficiaries and heirs
- Changed priorities
- Changes in your financial positioning
- A poor medical diagnosis
- Your named executors and trustees are no longer appropriate
There are other justifications for revisiting and modifying your estate plan, so make sure that you’re being cognizant of how life events may affect your wishes for your estate. If you fail to update your estate plan, your assets could fall into the hands of someone who you never intended to inherit in the first place. You certainly don’t want that to happen.
Do you need legal guidance?
We know that navigating the estate planning process can be confusing at times, which is why legal professionals like those at our firm are here to help. If you’d like to learn more about what you can do to protect your interests under your circumstances, please consider reaching out to one of these attorneys for the assistance and guidance that you need.