our estate plan is a set of documents that outline your wishes for your assets and property after you die. It's important to review your estate plan regularly, especially after major life events. Here are five life events that signal it's time to review your estate plan:
- Your assets or liabilities have changed. If you've acquired new assets, such as a home or a business, or if you've incurred new debt, you'll need to update your estate plan to reflect these changes.
- You've gotten married or divorced. Getting married or divorced can have a significant impact on your estate plan. If you're married, you'll need to update your will to include your spouse as a beneficiary. If you're divorced, you'll need to update your will to remove your ex-spouse as a beneficiary and to make sure that your assets are distributed according to your wishes.
- You've had a child or adopted a child. If you've had a child or adopted a child, you'll need to update your will to name a guardian for your child in the event that you die. You may also want to consider creating a trust to protect your child's assets.
- You've become a caregiver for a loved one. If you've become a caregiver for a loved one, you may need to update your estate plan to reflect your new responsibilities. For example, you may want to name a successor trustee for your trust or to create a power of attorney so that someone else can make financial decisions on your behalf if you become incapacitated.
- You've moved to a new state. If you've moved to a new state, you'll need to update your estate plan to make sure that it complies with the laws of your new state.
It's also a good idea to review your estate plan every few years, even if there haven't been any major life events. This will help to ensure that your plan still reflects your wishes and that it's up-to-date with the latest laws.
If you're not sure whether it's time to review your estate plan, you can talk to an estate planning attorney. They can help you to assess your current situation and to make sure that your plan is still in line with your wishes.
Here are some additional tips for reviewing your estate plan:
- Take inventory of your assets and liabilities.
- Make a list of your beneficiaries.
- Review your will and other estate planning documents.
- Consider your current financial situation and future goals.
- Talk to your loved ones about your wishes.
- Meet with an estate planning attorney.
By following these tips, you can ensure that your estate plan is up-to-date and that it reflects your wishes. This will help to ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after you die.