If you have an estate plan, you’ve already taken a critical step to plan for your future. Many people don’t have a plan at all, so there’s no structure in place to help their families.
However, it is important that you don’t forget about your estate plan and just assume that whatever you decided on when you made it is always going to work. It is best to come back to this plan and update it regularly at certain times, a few of which are noted below.
If you move
Not all states have exact same laws regarding probate, asset distribution, taxes, and many other important parts of estate planning. If you move to a new state, you definitely want to make sure that your plan is up to date under these new laws.
If you get married or divorced
Not all relationships last forever, and you need to update your plan any time that your relationship status changes. Perhaps most important is removing your ex from the estate plan if you get divorced.
If you have a child
The birth of a new child is also a great time to update your plan so that it includes them. This could be one of your own children, or it could be a grandchild. Either way, you need to readjust the plan if you’d like to leave them something.
If your financial situation changes
Finally, any major changes to your financial situation warrant updates to your estate plan. For instance, you may have major assets in that plan that you have sold, or you may have acquired a lot more wealth over the years than you had when you first created the plan.
At any point in this process, make sure you fully understand the legal options you have to set up an estate plan that works for your family.