Many people put together their estate plan, and forget about it. While no one likes to think about dying, the fact of the matter is that life events change and shape your financial outlook. Your estate plan needs to be an evolving plan, and during certain aspects of your life it needs to be revisited. Some of the key times for reviewing your estate plan are listed below.
- Birth of children– When children are born, it is imperative to update your estate plan. If you do not choose a guardian for your children, the state will choose one for you. You also may want to establish a trust for your children at this time.
- Divorce or Death of Spouse– In the event that you become divorced or your spouse dies, you will need your estate planning attorney to revisit your entire estate plan. It is very likely that your spouse was named a beneficiary or guardian at some point.
- Change in Assets– For the negative or the positive, if your assets change you will want to have a qualified attorney go over your estate plan. When your estate is small, you will likely not need to worry about estate taxes, but they play a large role in bigger estates.
- Change in Guardian or Trustee– If your guardian or trustee is no longer able to serve the role, or you have a change of heart about the person you named guardian or trustee, having your plan updated is a must. This is especially important in regards to elderly parents, who may have had someone named as guardian or trustee because their children were not of age at the time the estate planning took place.
