Your estate plan entails many items such as your living will, trusts, last will and testament and life insurance policies.
While you should review your estate plan every few years to check for minor changes, some life events warrant amending the entire package.
Having children
A large part of your estate plan may pertain to caring for your children if you die before they reach adulthood. If your family continues to grow because you adopt children or gain stepchildren, you need to add them to your plan. However, as your children grow and become adults, they no longer have the same needs. Ensure your estate plan keeps up with changing family dynamics.
Changing marital status
Marriage and divorce also impact your estate plan. When you marry, add your new spouse to your estate plan. Especially if you previously listed someone else as your beneficiary or trustee. After divorce, you must modify your documents if you no longer want your ex-spouse included in your estate. Divorce does not automatically exclude them from your estate if the documents list them as a beneficiary.
Relocating to a new state
Each state has different tax laws, so if you move, you must ensure your estate plan complies with the local laws. Additionally, if you no longer own a home or business property due to the move, you must change your estate plan to include any new property and remove those that no longer belong to you.
Keeping your estate plan up to date ensures you never have to worry about what happens to your estate after your death.
