Update your estate plan following these happy and sad events

On Behalf of | Apr 29, 2021 | Estate Planning

As you go through life, you will experience many events that result in permanent changes. Some are happy and some sad, but any event that has an effect on your life going forward may necessitate a change to your estate plan.

CNN Money recommends that you update your estate plan routinely every 10 years or so. It also suggests revisions following any significant life changes.

Happy events

You should review your state plan, and revise it as necessary, after positive life changes, such as moving to a new state, getting married or having a baby. Your estate plan does not update automatically in response to a change in your marital status. You have to make changes to the provisions in your will and other estate planning documents to include your new spouse.

It is important to name a guardian for minor children in the event that something happens to you and the other parent. Estate planning regulations vary by jurisdiction, so you may have to make updates to be sure that your plan is still valid after moving to a new state.

Sad events

If you or a family member becomes seriously injured or ill, your needs may change. You should update your estate plan to reflect that.

A revision of your estate plan should be a part of the divorce process if your marriage comes to an end. This should be a priority unless you want your ex-spouse to inherit from you and have any other privileges granted to him or her in your current plan.

It is easy to get caught up in the emotion of major life events. Try to keep a clear head and take care of practical matters such as updating your estate plan.