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What life events mean you should review your estate plan?

On Behalf of | Nov 24, 2023 | Estate Planning |

It’s important to review your estate plan periodically. You may not always need to make updates, but they are sometimes necessary to ensure that the estate plan really fits with where your life is at that moment and that it addresses your wishes.

To do this, some people will review the plan every few years and consider if anything has changed. But it’s also wise to look at certain life events that may mean it’s time for a review and potential updates. When these events occur, use that as a chance to take another look at your plan.

10 events to consider

This is by no means a comprehensive list of all life events that may require a review, as everyone’s situation is unique. But these are a few things to keep in mind:

  1. Getting married 
  2. Getting divorced 
  3. Having children 
  4. Having grandchildren 
  5. Selling a major asset, like a business or a home 
  6. Being diagnosed with a disease or disorder 
  7. The death of an heir or beneficiary 
  8. Seeing a significant increase in assets, such as receiving an inheritance
  9. A major increase in debt or financial liabilities 
  10. The death of a trustee or estate executor

Essentially, you just want to be wary that your estate plan can become outdated when things happen that are outside of your control. If you were to pass away without making an update, then your plan may not actually accomplish your goals. By making these updates in a timely fashion, you ensure that your plan is always ready for your family. Be sure that you are well aware of the legal steps you can take to put this plan in place and make proper updates.

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