When you crafted your new estate plan five years ago, you and your estate planning attorney were comprehensive in your approach and accounted for everyone and everything that matters most to you. That said, life is fluid, and things in your life are constantly changing. Some may be small, but most are significant, unplanned, and, at some point, require updating your documents—whether a Will, Trust, or something else. This begs the question, “What is considered a significant life event to warrant updating your estate plan?”
This is a great question we hear quite a bit at Nelson Law Group, PC. While the answer is different for everyone and depends largely on their unique circumstances and estate planning strategies, below are a few of the bigger life events to consider.
When an Update To Your Estate Plan Is Necessary
Next to not having an estate plan in place at all, failing to keep your documents professionally reviewed and updated every three years is one of the more egregious estate planning mistakes you can make. After all, you want your estate plan to cover all your bases—even as life circumstances change. But what are those circumstances, exactly?
A few of the bigger life events include but are not limited to the following:
- You get divorced or remarried
- A spouse passes away
- A beneficiary passes away
- Changes to family dynamics
- You have more children or grandchildren
- You adopt a child
- A key member of your family is disabled
- You bought, sold, or inherited more property
- A significant increase or decrease in wealth
- You, your spouse, or your children have health problems
- You started, sold, or bought a new business
- Significant changes in assets (salary increase, inheritance, etc.)
- You’ve moved to another state or country
- Changes in tax laws
- Retirement
- Changes to executors and trustees
- Philanthropic goals
And that is just for starters. Wills, Trusts, and even a POA are not meant to be drafted and promptly thrown into a drawer for a later date. They are living, breathing documents. As your life and circumstances change, so should these pivotal documents.
Call Nelson Law Group Today!!
Having an estate planning attorney in your corner is imperative if your goals are to protect your family’s future for years to come. If you have any questions, call our knowledgeable staff at Nelson Law Group, PC. Our staff is always available.
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