Cover Image for 10 Life Events That Signal It’s Time to Review Your Estate Plan - Part 1

10 Life Events That Signal It’s Time to Review Your Estate Plan - Part 1

You might have believed that once you've set up your Will or Trust, your estate and loved ones are protected indefinitely. After all, it's a common perception, considering how most attorneys structure their services. You work with your lawyer, receive your documents, tuck them away, and that's it – estate plan, complete. However, this misconception could lead to complications for your family down the road.

Life events can profoundly impact your estate plan, potentially rendering it ineffective. To ensure your plan stays current, it's recommended to review it at least every three years. In fact, I'm so passionate about this that I offer complimentary plan reviews every three years for my clients.

Moreover, if any of these ten life events occur before your scheduled review, it's crucial to have your plan professionally evaluated immediately. Let's explore these events and their potential impact on your estate plan:

01 | Changes in Your Assets or Liabilities

Life is dynamic, and your financial situation likely evolves over time. Acquiring new assets, selling property, or accruing debt necessitates a review of your estate plan to ensure accurate asset distribution and beneficiary designations. Maintaining an updated asset inventory is paramount to avoid leaving your family in the dark about your holdings.

02 | Business Transactions

Buying, selling, or starting a business introduces complexities to your estate plan. Updates are essential to reflect your desires for your business's fate upon your death and to safeguard its assets for your family's future.

03 | Birth or Adoption of a Child

Welcoming a new child calls for updates to your estate plan, including appointing Guardians, creating a Kids Protection Plan, and securing their financial well-being through Trusts.

04 | Child Reaches the Age of Majority

As your children grow, it's time to review how they'll inherit, ensure healthcare decision-making, and manage their finances in case of incapacity. Consider using a Lifetime Asset Protection Trust to provide lifelong financial security for your child.

05 | Death of a Loved One

The loss of a family member necessitates updating your estate plan to ensure assets are distributed correctly and to appoint new individuals to fill roles like Trustee, Executor, or Guardian.

Planning for Life’s Changes

Your estate plan is the foundation that protects your family and your finances today and in the future. But estate planning is not a set-it-and-forget-it task; rather, your estate plan should change and evolve with the changes in your life. 

As your estate planning attorney, I'm here to guide you through life’s changes to keep your estate plan up-to-date and effective, so you can have the peace of mind of knowing that your plan will work exactly how you want it to when your loved ones need it most.

If you've recently experienced a significant life event or it's been a while since your last estate plan review, now is the time to review your plan. If you haven’t created an estate plan yet, it’s better to plan early than to have no plan at all. 

To get started, schedule a free 15-minute discovery call to learn more about my Estate Planning Session process where we’ll discuss your family dynamics and goals, address any changes in your life, and create a comprehensive estate plan that brings you peace of mind.

Plus, don’t forget to return next week when I’ll be discussing five more life events that signal it’s time to review your plan.

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