You might think that estate planning is something you can complete one time and then check off your to-do list for good. But the reality is that in order for your estate plan to work for you no matter how your life changes, your plan needs to change with it.
To make sure any big changes in your life are considered in your plan, I recommend reviewing your estate plan with your attorney at least every three years. But if any major life events happen before then, it’s crucial to have your plan reviewed as soon as possible so it can be updated if needed.
Last week, we started to explore 10 life changes that might affect your estate plan. This week, we’re coving five more life events that mean it’s time to review your plan.
06 | You Experienced Serious Illness or Injury
An unexpected illness or injury can leave you unable to manage your affairs, highlighting the importance of reviewing your estate plan. Ensure your plan includes Powers of Attorney for healthcare and finances, allowing a trusted individual to make decisions on your behalf and manage your assets if you're incapacitated.
It’s also vital to outline your healthcare preferences in advance directives, covering dietary restrictions, religious beliefs, and treatment preferences. By legally documenting your choices, your designated Power of Attorney can confidently make decisions aligned with your wishes.
07 | You Relocated to Another State
Moving to a new state after creating your estate plan requires a review by a local attorney. State laws vary regarding estate planning, and a plan from another state may not meet local requirements, potentially causing delays or legal complications. Ensuring compliance with state laws will guarantee your plan's reliability and effectiveness.
08 | You Tied the Knot
Marriage brings joy and legal implications that must be addressed in your estate plan. Update beneficiaries and shared asset arrangements to ensure your spouse is provided for in case of your incapacity or death. Consider incorporating provisions to safeguard your spouse's financial and emotional well-being in the event of your passing.
09 | You Underwent Divorce
The end of a marriage necessitates a thorough review and revision of your estate plan. Create new Will and Trust documents, update beneficiary designations, and adjust asset distribution to reflect your new circumstances. Revisit guardianship arrangements and financial provisions for children from previous marriages.
10 | Legislative Changes
Changes in tax laws, especially estate tax exemptions, can significantly impact your estate plan. Regularly review your plan with an estate planning attorney to minimize tax liabilities and protect your assets. With scheduled changes in federal estate tax laws, it's crucial to assess their implications for your family's financial future and take necessary steps to mitigate tax burdens.
By Your Side Through All of Life’s Changes
Your estate plan serves as the bedrock protecting your family and finances, not just for today but also for the future. However, estate planning isn't a one-time task - it should adapt and evolve alongside the changes in your life.
As your estate planning attorney, my mission is to be by your side through all of life's changes, ensuring your estate plan remains up-to-date and effective no matter what life brings your way. That's why I offer my clients a complimentary review of your estate plan every three years, and I encourage you to reach out at any time before then with questions about life changes or events that might affect your plan.
If you’re ready to create an estate plan that protects your loved ones and your legacy, or want your existing plan reviewed, give me a call. I’d be honored to help ensure your family’s well-being for years to come.
Click on my scheduling link below to get started. I can’t wait to hear from you.
