As you age, your life changes in many ways. Sometimes, you’re excited about the direction you’re heading. Other times, you’re disappointed in something that happened and searching for ways to make it right.
Regardless of the life circumstances you’re dealing with, it’s important to consider the overall effect on your life. And that includes your estate plan.
Here are some common circumstances that call for an estate plan review. Depending on what you find, you may also need to modify it immediately.
- Marriage or divorce: Either of these is a major change in your life, both of which require you to alter your estate plan. For example, if you divorce your spouse, you probably want to remove them as a beneficiary.
- Having a child: This is one of the most exciting times of your life, but make sure you take the time to consider the impact on your estate plan. For instance, you should name a guardian for your child, as this gives you peace of mind in knowing that the right person will raise them if you and your spouse are unable to do so.
- Coming into a large sum of money: This can happen for many reasons, such as an inheritance, selling a business or winning the lottery. More money and assets are likely to alter your approach to estate planning.
When it comes to modifying your estate plan, it’s better to be safe than sorry. Review what you have in place, make note of potential changes and then take the action necessary to protect you and your family.