6 Reasons to Update Your Estate Plan

Little is certain in life—except the fact that life is unpredictable. You never know when the next curve ball will come.

Most people forget that. Many people who come to our office think that once you have an estate plan, you’re done.

Not true. As your life changes, your estate plan should also evolve. A recent article in Forbes outlined the top six life events that should trigger an update to your estate plan.

You get a divorce. Unless you want your ex-spouse to inherit your assets or make decisions about your health care when you’re not able to, update your estate planning documents. Wills, powers of attorney, advance directives, living wills—they all need to be updated.
You remarry. Once you decide to remarry, make it a point to add your new spouse or partner to your estate planning documents. It’s especially vital to update your estate plan to provide for both your new partner and children from previous relationships.
A child enters your life. No matter how the bundle of joy comes to you or how old the child is when he or she arrives, the arrival of a new family members should always trigger an estate plan update.
A loved one comes down with an illness or injury. No one can predict when illness or injury will strike. That’s why it’s important to be prepared. As soon as possible after a diagnosis or injury, reassess your priorities and make appropriate changes to your estate plan.
Tax laws change. You never know when tax-related rules and regulations will change. When they do, it’s important to update your estate plan accordingly.
You receive an inheritance. If you come into money, property or other assets, see your estate planning attorney as soon as possible.