Creating an estate plan is a responsible thing that all adults should consider. However, an estate plan won’t remain the same forever.
As your life changes, you should update your estate plan to reflect them. Some of the times you should update your estate plan are highlighted here.
You get married
Getting married is a momentous occasion. It means you get to share your life with someone else. While there are many more exciting things to think about when you get married, you can’t overlook this important step. You must update your estate plan to reflect this life change.
You move to a new state
Some people don’t realize that estate planning and the probate process aren’t the same across the country. While there may be similarities, it’s good to ensure your existing estate plan will remain valid in your new state. If not, go ahead and make the required changes.
You file for divorce
You plan to be with your new spouse when you get married. While this is the case initially, things can change. If you have filed for divorce, it’s good to review your estate plan. You will need to remove your ex-spouse’s name to ensure your property does not go to them when you die.
You have a baby
Bringing a new life into the world is exciting. Be sure you update your estate plan to reflect their existence and ensure they are named as a beneficiary.
Updating your estate plan
When you experience any significant life change, it’s essential that you update your estate plan to reflect it. If you don’t, your assets may not be distributed as you would like.