An important part of estate planning is making regular updates every few years. Many people update their estate plans about every three to five years. This is about how long it takes for people to acquire new assets, such as real estate, property and investments.
An estate plan can be updated at any time. There are a few reasons people may need to update their estate plan earlier. Here is what you should know:
5 common reasons for estate plan changes
Life happens wherever people go, and that can mean large life events that make people reconsider what their estate plan does. Here are a few common life events that can call for an updated estate plan:
- Marriage: People who are getting married may want to consider what role their spouse will play in their estate plan. A spouse could be the main beneficiary of certain assets or they may be responsible for the testator’s health as a power of attorney.
- Divorce: After a divorce, people may want to consider reviewing their estate plan. Many of their last wishes may have been made with their spouse in mind. These decisions may need to be changed.
- Childbirth: People can use their estate plans to plan for their children’s future. When a new child is born, people may want to change their estate plans to include trusts or child guardianship.
- Health issues: After a health scare, people may want to update their estate plans to help ensure their medical care decisions are in line with their desires.
- Relocation: Many states have different kinds of estate planning laws. After moving, people may want to review the state’s estate planning laws and update their plans accordingly.
If you are updating your estate plan, you can reach out for legal help to learn what you can do.