Life Changes that Determine a Need for Updating Your Estate Planning

Estate planning is important for managing and distributing your assets after you pass away or if you become incapacitated. Several life changes can prompt or necessitate adjustments to your estate plan:

Marriage or Divorce
These significant relationship changes can alter how you want your assets to be distributed. For example, you might want to ensure your spouse is taken care of after your death or remove a former spouse from your will or trust.

Birth or Adoption of a Child
New children in the family often prompt updates to an estate plan to include them as beneficiaries. This can also include appointing guardians in case something happens to you.

Death of a Family Member
If a family member who is a beneficiary or an executor of your estate passes away, you will need to update your documents to reflect this change.

Significant Increase or Decrease in Assets
Acquiring or losing significant assets (like buying a home, receiving an inheritance, or experiencing a major change in investment value) may require changes to how you wish to distribute your estate.

Moving to a Different State or Country
Different regions in the country have different laws regarding estate planning. Moving can necessitate adjustments to ensure compliance with local and state laws.

Health Changes
Significant changes in your health or the health of your dependents might prompt changes in your estate plan, especially in powers of attorney for medical care and decision-making abilities.

Changes in Tax Laws
Updates to tax laws might affect your estate planning, particularly regarding how much of your estate will be taxable and how best to minimize tax liabilities.

Retirement
As you enter retirement, you might reconsider your financial position and future needs, leading to adjustments in your estate plan.

Each of these life events carries substantial implications for your estate plan, underscoring the necessity of regular reviews and updates to your will or trust and other estate documents. If you are navigating any of these significant changes, Wilson Law is here to assist you in updating your will and estate documents. We have a Client Maintenance Program to help our clients with their personal and law yearly updates. Contact our office at 866-603-5976 or fill out our contact form and we will be in touch to schedule a meeting.