Estate planning is not a one-time event but a continuous process that should evolve with your life circumstances. Keeping your will and estate plan up to date ensures that your wishes are accurately reflected and that your loved ones are adequately protected. Here are some crucial times when you should consider updating your will and estate plan.

Major Life Events

Life is full of significant events that can drastically change your financial and personal situation. These milestones often necessitate a review and update of your estate plan:

• Marriage or Divorce: Changes in marital status can affect your beneficiaries and the distribution of your assets. It’s essential to update your will to include or exclude a spouse.
• Birth or Adoption of a Child: Welcoming a new child into your family means updating your will to name a guardian and allocate resources for their care and education.
• Death of a Beneficiary or Executor: If someone named in your will passes away, you’ll need to revise your plan to appoint new beneficiaries or executors.
• Significant Health Changes: Major health issues might necessitate updates to your power of attorney or healthcare directives to ensure your medical wishes are followed.

Changes in Assets or Financial Situation

Your financial situation can change significantly over time, and it’s vital to ensure your estate plan reflects your current assets and liabilities:

• Acquiring or Selling Property: Buying a new home, investment property, or selling significant assets should prompt a review of your estate plan to address these changes.
• Starting or Closing a Business: If you become a business owner or decide to sell or close your business, your estate plan needs to account for these changes to protect your interests and those of your heirs.
• Inheritance or Windfall: Receiving a large inheritance or unexpected financial windfall can impact your estate plan, requiring updates to how these new assets will be managed and distributed.

Legal and Tax Changes

Changes in laws and tax regulations can also impact your estate plan:

• Tax Law Revisions: Updates to federal or state tax laws can affect your estate's tax liability. Regularly reviewing your estate plan with a tax advisor ensures you are taking advantage of any new tax benefits or addressing new obligations.
• Changes in Estate Planning Laws: Legal changes regarding estate planning, such as probate laws or estate tax exemptions, may require you to update your will and other estate documents to remain compliant and optimize your plan.

Personal Preferences and Relationships

As your relationships and preferences evolve, it’s crucial to ensure your estate plan continues to reflect your current wishes:

• Changes in Relationships: Relationships with family members, friends, or potential beneficiaries can change over time. You may want to include new beneficiaries or remove others based on these changes.
• Charitable Interests: If you develop new philanthropic interests or wish to support different charities, updating your estate plan can ensure your charitable intentions are honored.
• Review Periodically: Even if no significant life changes occur, it’s a good practice to review your estate plan every 3-5 years to ensure it still aligns with your goals and circumstances.

Our estate planning attorneys can help you navigate these changes and keep your plan current.

Keeping your will and estate plan updated is essential to ensure your wishes are respected and your loved ones are protected. Regular reviews and updates, especially during significant life changes, can provide peace of mind and financial security. If you need assistance with updating your estate plan, don't hesitate to contact us. We are here to help you through every stage of life.