How Life's Big Changes Influence Your Estate Plan

Life is full of big changes—some exciting, some unexpected—but they all have the potential to impact your estate plan. Major life events, from marriage to financial shifts, can alter your wishes, legal responsibilities, and asset distribution. If you don’t review and update your estate documents accordingly, state laws or outdated instructions may ultimately determine what happens to your assets. Here are key moments you should consider revisiting your estate plan:

Becoming a Parent

Welcoming a new child into your family is a joyous occasion that comes with important responsibilities. Ensuring your children are financially protected involves updating your estate plan to include clear guardianship designations in case of an emergency. By doing so, you can have peace of mind knowing that their care is in good hands.

Getting Married or Divorced

Marriage significantly changes your legal and financial scenarios, potentially altering how your assets are distributed. Similarly, divorce necessitates immediate updates to prevent unintended beneficiaries, such as an ex-spouse, from inheriting your assets. This can protect your intentions and align with your new life circumstances.

Moving to a New State

Estate planning laws vary from state to state, meaning that relocating could require you to update your will, trust, or other estate documents. Different states might have unique requirements, and ensuring compliance ensures your plan remains valid and effective.

Death of a Beneficiary or Executor

If someone named in your estate plan, whether a beneficiary or an executor, passes away, it's vital to update your designations. This update guarantees that your wishes are fulfilled as initially intended, safeguarding against legal battles and complications.

A Significant Change in Assets

Whether you receive an inheritance, start a new business, or experience a financial setback, these changes can impact your estate planning goals. Adjusting your plan accordingly can ensure that your current financial wishs align with your objectives.

We recommend reviewing your estate plan every few years or whenever you encounter one of these significant life events. Seeking professional estate planning guidance can help you navigate these changes smoothly and ensure your estate plan remains aligned with your life goals. If you have questions or want to discuss your situation further, consulting with an estate planning attorney is advisable. They can provide tailored advice and help you stay prepared for whatever life may bring.