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How to update your estate plan after a major life event

On Behalf of | Jul 21, 2023 | Estates & Trusts |

Life can bring unpredictable changes and events that impact your priorities.

It is important that your estate plan reflect your current circumstances and values. Reviewing and amending your plan can help you promote your interests and those of your loved ones.

Significant life events

Many different life events can affect your family, finances and long-term wishes. For example, after marrying, you can name your spouse in your will and designate them as your financial or healthcare representative. On the other hand, if you divorce your spouse, you might want to remove them as a beneficiary of your estate and change your power of attorney documents.

You should consider amending your estate plan when your family welcomes a new child or grandchild. A loved one’s death can also necessitate revisiting your plan. It is advisable to examine your estate plan when your financial circumstances change. Finally, you should be aware of new tax regulations that might affect your estate and adjust your plan if necessary.

Amending your estate plan

When changing your estate plan, it is helpful to gather existing documents such as your will, letter of instruction, trusts, power of attorney and healthcare directives. You should read each document carefully and identify areas that require amendment. It is also important to define your goals and set clear objectives for your updated estate plan. After you revise your estate plan, you should inform your loved ones, trustees and appointed representatives of the changes you have made. It is also essential to store your estate plan documents in a secure and organized fashion.

When significant life events change your circumstances, you should review and alter your estate plan accordingly.

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