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 If you don’t review and update your estate documents accordingly, state laws or outdated instructions may determine what happens to your assets. Here are some pivotal moments when reviewing your estate plans is essential:

Death of a Beneficiary, Agent, or Executor (Personal Representative)

If someone named in your estate plan passes away, it's crucial to update your designations. This ensures your wishes are carried out as intended and prevents the court from making unintended decisions about your asset distribution.

A Significant Change in Assets

Receiving an inheritance, starting a business, or experiencing financial hardship can dramatically affect your estate planning goals. These changes should prompt a review and adjustment of your existing plans to reflect new ambitions and realities.

Becoming a Parent

With the arrival of a child, ensuring their financial protection is vital. This includes making clear guardianship designations in case of an emergency, securing their future financial needs, and adjusting your estate distribution to include them.

Getting Married or Divorced

Marriage changes legal and financial circumstances, potentially affecting how assets are distributed. Conversely, divorce requires immediate updates to prevent unintended beneficiaries from inheriting your assets. Updating your estate plan ensures that your current life situation is accurately represented.

Moving to a New State

Estate planning laws differ by state, so a move can necessitate updates to your will, trust, or other documents. These legal adjustments are essential to ensure that your estate complies with the new state’s regulations and reflects your current residence.

These life events underscore the importance of regularly reviewing your estate plan—ideally every few years or whenever significant changes occur. For professional guidance, consult an estate planning attorney to help navigate these changes smoothly. A professional can provide clarity and ensure your estate plan aligns with your current life circumstances.