Life has a way of moving fast. People come and go. We succeed and we struggle. And the unexpected sometimes greets us at our doorstep. But what do these changes mean for an estate plan?
When our circumstances change, we may wonder which changes are significant enough to merit a revision in our final wishes. What events should prompt an update to our estate plan? And when should we make these important revisions?
These questions can seem difficult to answer. On the one hand, no one should rush an important decision. But, on the other hand, some events are too significant to delay an estate plan revision. So, naturally, many people struggle to strike the right balance the two.
Fortunately, there are a couple of standard indicators to look for when in doubt. All of the following should prompt an estate plan update.
Changes in Family Members
One of the most obvious circumstances which should prompt a revision is the addition of a new family member. Perhaps a new baby has made an appearance in the family, or you married the love of your life.
Your family dynamic may have shifted in other ways. Perhaps there’s been a recent divorce or death in the family that significantly alters your circumstances.
Either way, significant changes in your family dynamic will change how you wish your assets be distributed. In this case, you ought to consider updating your estate plan.
Changes in Finances
Over time, we may come into or out of money, property, assets, businesses, etc. As a result, our estate plans will need revising to keep up with this fluctuation.
Changes in Location
If you move states, you should update your estate plan. Doing so will guarantee that your final wishes are executed. This is because every state has a different set of laws which govern estate plans. You’ll want to stay on top of these laws in order to avoid state-sanctioned probate. This is also true of any property or homes you may buy out of state.
The Passage of Time
Another reason to consider updating your estate plan is if a significant amount of time has passed since you last revised it. At a minimum, you should review your documents every three to five years. Doing so will ensure that your current wishes are accurately reflected and up-to-date.
If you find yourself in any of these predicaments, it’s time to contact a Centennial estate planning lawyer. Because this list is not exhaustive, your unique situation may also merit an update. Skipton Law, LLC can help you determine your estate planning options. If you have questions about your situation, contact our Centennial estate planning lawyers at (720) 770-3880. You can also join us for one of our upcoming workshops by clicking here to RSVP.