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Life Events that Should Trigger a Review of Your Estate Plan

young married couple who are planning to buy new house reading contract terms and conditions togetherLife is replete with a multitude of moments that shape our journey. Many of these life events not only affect our present but can significantly impact our future and the future of our loved ones. One of the tools that we use to safeguard that future is an estate plan. 

At its essence, estate planning is a methodical approach to managing and disposing of personal wealth. Yet, with the dynamism of life events, it’s paramount to ensure your estate plan remains current, reflecting your latest intentions and the newest legal standards. 

Why Regularly Reviewing Your Estate Plan is Vital

Life is constantly changing, and so should your estate plan. Just setting it up once isn’t enough. Regular reviews ensure it remains relevant and effective. Let’s explore why keeping your estate plan updated is so vital.

  1. Marriage or Divorce

When you get married, your new spouse automatically becomes your heir at law. This means that if you die without a will, your spouse will inherit your entire estate, regardless of your wishes. If you have children from a previous relationship, you may want to create a will or trust to ensure that they also inherit a portion of your estate.

If you get divorced, you should review your estate plan to make sure that your ex-spouse is no longer listed as a beneficiary. You should also update your will or trust to name a new guardian for your minor children.

  1. Birth or Adoption of a Child

When you have a child, you should update your estate plan to include your new child as a beneficiary. You should also name a guardian for your child in case you and your spouse die before your child reaches the age of majority.

If you adopt a child, you should update your estate plan to reflect your new relationship with your child. Your adopted child should have the same inheritance rights as your biological children.

  1. Acquiring Substantial Assets

If you experience a significant change in your assets or income, you should review your estate plan to make sure that it is still appropriate. For example, if you inherit a large sum of money or start a new business, you may need to update your estate plan to reflect your new financial situation.

  1. Death of a Beneficiary or Trustee

If your spouse, child, or other beneficiary dies, you should review your estate plan to make sure it still reflects your wishes. You may need to update your will or trust to name a new beneficiary or to change the distribution of your assets.

  1. Changes in the Law

Laws can evolve, and what was once a sound legal decision might now be outdated or non-compliant. By collaborating with the Law Offices of Terri D. Mason, you can be assured your documents are in line with current legislation.

  1. Relocation

Different states have varying estate laws. If you’ve relocated, it’s essential to seek guidance from an estate planning lawyer familiar with local mandates.

  1. Health Concerns

If you or a beneficiary has health challenges, considering mechanisms like conservatorship attorneys can be vital. They ensure that there’s a legal framework in place if you’re unable to make decisions.

  1. Reassessing Guardians, Trustees, and Executors

As years pass, your trust in certain individuals may shift. Regularly assess if those you’ve designated as guardians, trustees, or executors still align with your intentions.

  1. Retirement

When you retire, you should review your estate plan to make sure it meets your needs in retirement. You may need to update your estate plan to include new assets, such as Social Security benefits or retirement savings. You may also need to update your estate plan to reflect your new lifestyle, such as if you plan to move to a new location or travel extensively.

Securing Tomorrow: Estate Planning with the Law Offices of Terri D. Mason

Life’s unpredictability underscores the need for a robust, yet flexible estate plan. By not reviewing it regularly, especially after significant life events, you risk its misalignment with your true intentions and possibly even legal compliance. The Law Offices of Terri D. Mason has helped countless individuals ensure that their estate plans mirror their current wishes and adhere to the most recent legal standards.

Don’t leave the future to chance. Secure it with a well-maintained estate plan. Whether you need a will attorney or guidance on conservatorship, our dedicated team is here to assist. Make the first step today. Reach out to the Law Offices of Terri D. Mason and embark on a journey to peace of mind for you and your loved ones.