Only about 40 percent of Americans have a will or living trust in place. If you are among them, consider yourself ahead of the curve. But estate planning is not a singular event that lasts for a lifetime. After your plan is created, it should be reviewed periodically and updated, as necessary.
While you could set reminders to review your estate planning documents every 2-3 years, you should also understand what kinds of life events require an update to your will or other estate planning documents. We’ll discuss some of them in today’s post.
Changes In Marital Status or Family Members
It is a good idea to revisit/update your estate plan after:
- Getting married or remarried
- Getting divorced
- The death of a spouse
- The birth or adoption of a child
- The death of a child
- A falling out with a named heir
Major Financial Changes
You’ll need to update your estate plan to account for financial or property changes as well, including:
- Buying or otherwise acquiring real estate
- After receiving an inheritance from a deceased relative
- Changing jobs or careers
- After selling or otherwise getting rid of significant property/assets
Major Life Changes
Finally, consider updating your estate plan:
- After moving to a different state
- When deciding to include charitable giving as part of your estate plan
- Buying real estate somewhere outside of your state of primary residence
How an Attorney can Help
After creating an estate plan, updating it is relatively quick and easy. A good attorney can implement any requested changes for you, often completing the updates over the phone or internet.
To learn more about what our firm can do for you, contact our office to arrange an initial consultation.