As a life and legacy planning attorney, I often see people create an estate plan and then forget about it for years. But an estate plan isn’t something you do once and never look at again – it should grow and change as your life does. While I recommend reviewing your plan at least every three years, certain life events should trigger an immediate update. Here are seven times you should absolutely revisit your plan:
1. You Got Married
Marriage changes everything. You’ll want to make sure your new spouse is named in your estate plan – this includes updating your will or trust, beneficiary designations, and making sure they have the authority to make medical and financial decisions for you if needed. Don’t wait – get your plan updated to reflect your new life together.
2. You’re Getting Divorced
Once divorce is on the table, it’s time to review your estate plan. If something were to happen to you, would you still want your soon-to-be ex making your medical decisions or inheriting your assets? Likely not. And after the divorce is finalized, your finances and property will probably look different – so your plan needs to reflect that.
3. You Had a Baby (or Adopted a Child)
Becoming a parent changes everything. If something happens to you, you want to be sure your child is raised by the people you trust most. That’s why naming both long-term and short-term guardians is so important – this is something we do through a Kids Protection Plan. You’ll also want to create or update a trust to manage any inheritance your child would receive.
4. A Loved One Passed Away
Losing someone close to you is hard enough, but if that person was named in your estate plan – as a beneficiary, guardian, trustee, or healthcare agent – you’ll need to make updates. This isn’t something to delay. Your plan should always reflect the people who are actually able and available to carry out your wishes.
5. You or a Loved One Became Seriously Ill
If you or someone close to you is facing a serious illness, it’s a good idea to revisit your healthcare directive and powers of attorney. Make sure the people you’ve chosen to speak for you are still the best fit – and make sure your wishes are clearly laid out.
6. You Moved to a New State
Each state has its own laws that govern estate planning, so if you’ve recently moved, your documents might need to be updated. You’ll also want to make sure that any new real estate is titled correctly and included in your trust if you have one.
7. You Acquired New Assets
Whether you started a business, bought property, received an inheritance, or just opened new investment accounts – your estate plan should reflect all your assets. Many plans fail simply because they don’t account for everything you own. Don’t let that happen to your family.
If you’ve experienced any of these life events – or anticipate one coming up – it’s time to review and update your plan. I’m here to help you make sure everything is up to date and designed to protect the people and the future you care about most.
At Cheever Law, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.