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Eight Reasons to Revise Your Estate Plan Today

Do you already have an estate plan in place? Don't get too comfortable just yet. You are on the right track, but there are actually plenty of reasons to revise your estate plan. Things change all the time. If you find that any of these events have recently occurred in your life, it is essential to make changes today.

You Got Married

Simply because you got married does not mean that the law suddenly acknowledges your new spouse as the person who receives your trust. You might also want to keep this in mind if you both have children from separate relationships.

You Got Divorced

Now that you do not need to provide for your ex-spouse when you pass, you may want to change your estate plan to reflect this. Finalize your divorce and revise your estate to fulfill your new life goals.

You Had a Child

If you now have a child to prepare for, it may be time to revise your plan. Not only do you want to plan for your child's future, but you probably need to name a guardian in the event that something happens to you and the other parent.

A Loved One Became Ill or Injured

Your estate plan will likely change if you find out somebody is hurt or sick. You may want to ensure that your estate helps to take care of this individual if something does happen to you.

You Have New Life Goals

It only makes sense that your goals for life have changed or shifted over the years. Perhaps you want to put a different trustee in charge because your relationships have shifted, or maybe you now have grandchildren, nieces, or nephews to account for. Ultimately, you might just want to change your plans.

You Inherited or Received a Large Sum of Money

You may want to change the way you distribute your assets upon your death if you somehow gain quite a bit of money. The way you manage your estate may have a lot to do with taxes as well.

You Recently Acquired a Business

Any big change to your business should definitely affect the way you look at your finances. You might want to create a plan of succession or influence the way you distribute assets gained through it.

You Moved

Generally, moving does not influence the way your estate works. This typically becomes a factor if you move to a new state or country, especially if you move from a community property state to a separate property state or vice versa.

Do you need some help revising your estate plan? Contact us to learn more about your options.

Categories: Estate Planning
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