It is important to review your estate plan every few years, particularly when things change in your life. Some life events to consider updating your estate plan include:
Marital Status Change: Getting married or divorced can both create significant changes to your estate plan. When getting married, you will likely want to add your spouse as a beneficiary on your accounts, such as life insurance policies and retirement and investment accounts. By the same token, you will want to update your estate plan by removing your spouse in the event you divorce one another.
Having a Child: When having a child, it’s a good idea to update your estate plan to include your child as the beneficiary of your estate plan. In the estate plan, it’s also important to make plans for their care and guardianship if something happens to you.
Major Financial Changes: If you are going through career changes – a new job, promotion, starting or closing a business, or even planning for retirement – it’s a smart idea to modify your estate plan after such significant financial changes. You will also want to evaluate your estate plan if you purchased a home or received a large inheritance.
Health Issues: It’s crucial to update your estate plan if you are experiencing health issues where the prognosis is poor. Of course, you want to stay positive, but it’s important to make sure your estate plan reflects today’s reality so that your long-term care plan is firmly fixed in place.
An Estate Planning Attorney Can Help Keep Documents Updated
With many reasons to review and update your estate plan, it’s beneficial to have the help of an experienced estate planning law firm to ensure your assets are distributed as you want them and your wishes are carried out after passing away.
Contact us at 914-600-5502 so we can help.
