Having the foresight to create an estate plan is an excellent step in protecting your last wishes and ensuring you look after your loved ones once you are gone. While many Americans have not taken this step, those who did have not taken the proper measures to ensure their estate plan reflects their current wishes.
Your intentions for your estate plan can change over time, and it is important to ensure that you are updating it when these changes happen. Here are a few examples of when you should be sure to update your estate plan:
Marriage or divorce
Entering or exiting a marriage is the perfect time to update your estate plan. Whether you want to make your spouse your new primary beneficiary on your insurance policies or remove your ex from your will, it is important to make these changes before it is too late.
Childbirth or adoption
Adding a child to your family means more than making them a beneficiary. If you and your other child’s parent should suddenly pass away, you want to be sure that someone you trust will raise them. Appointing a guardian immediately after adding a new member to your family is the extra safety net your kids need.
A significant change in income
Gaining or losing a considerable amount of income can change what you want to give away and how you want to give it after your passing. When finances change, for better or worse, having an accurate estate plan can not only eliminate any questions your family has, it can also help prevent the chances of someone contesting your will after your passing.
Do not wait to mate adjustments
When life changes unexpectedly or dramatically, make sure your plans change with it. Having an out-of-date estate plan can leave your loved ones with more questions than answers, so be sure to take the time today to confirm if your plans reflect your current wishes.