Did you know that you can update your estate plan? Altering your estate plan may be a crucial step to protect your legacy.
On average, people should consider updating their estate plan every three to five years. However, you may need to update your estate plan after a major life event, including the following:
Marital status change
You may need to make many changes to your estate plan after getting married or divorced. For example, you may need to alter your list of assets, change your power of attorney and update your list of beneficiaries.
Childbirth or adoption
If you have a newborn child or have recently adopted a child, you may want to consider altering your estate plan to include a guardian. A child guardian could raise your child on your behalf if you and your child’s other parent suddenly pass away.
Business growth
Your business may have expanded in the past few years. You may need to make changes to your estate plan to include a list of new investments. You may also want to consider including a business successor to take on the business when you retire or pass away.
Medical changes
You could have recently been diagnosed with a fatal medical condition. You may need to update your power of attorney and living will so you receive proper end-of-life care.
State change
If you recently moved across state lines, then updating your estate plan may be necessary. Each state has unique estate planning laws. You may need to alter your estate plan so that it follows state laws.
Making changes to your estate plan early and often can protect your legacy from being mismanaged and left to the wrong people. You can seek professional legal guidance to help you update your estate plan.