Creating an estate plan is an important step in ensuring that your wishes are carried out after your death. However, it's equally important to update your estate plan regularly, especially after major life changes. In this blog post, we'll explore the importance of updating your estate plan after significant life events.
Marriage or divorce: Getting married or divorced can significantly impact your estate plan. If you get married, you may want to add your spouse as a beneficiary or change the distribution of your assets. If you get divorced, you may want to remove your former spouse from your estate plan or update your beneficiaries. Changes may also be needed if your children get married or divorced. In either case, it's important to update your estate plan to reflect these changes.
Birth or adoption of a child or grandchild: The birth or adoption of a child is a significant life event that should prompt you to update your estate plan. You may want to name a guardian for your child, update your beneficiaries, or create a trust to provide for your child's future financial needs. If you have a new grandchild, it may also change the way you want to designate beneficiaries in your estate plan.
Death of a beneficiary, executor, or power of attorney agent: If a beneficiary, executor, or power of attorney agent named in your estate plan passes away, it's important to update your plan to reflect this change. You may want to add new beneficiaries or name a new executor or power of attorney agent to carry out your wishes.
Change in financial circumstances: A significant change in your financial circumstances, such as a large inheritance, a sudden loss of income, or expensive medical or long term care bills may prompt you to update your estate plan. You may want to adjust your distribution of assets or create a trust to protect your assets.
Relocation: If you move to a new state, it's important to update your estate plan to reflect the laws of your new state. Estate planning laws can vary significantly from state to state, so it's essential to ensure that your estate plan is valid and legally binding in your new location.
In conclusion, updating your estate plan after major life changes is essential to ensure that your wishes are carried out after your death. At Skipton Law, we understand the importance of keeping your estate plan up to date, and we can help you make any necessary changes to your plan. Contact us today to schedule a consultation.