Eight Reasons to Update Your Estate Plan
An estate plan should accurately reflect your life—your family, your assets, and your personal wishes. As life changes, your estate plan should be reviewed to ensure it continues to align with your current situation and long-term goals. Any time there is a meaningful change in your life, your estate plan may need to be updated. Below are some of the most common reasons to update your estate plan.
1. A Change in Marital Status
If you get married or divorced, you will want to update your estate plan to include or exclude your new or former spouse. This ensures your assets are distributed according to your current intentions.
2. A Birth or Death
If a beneficiary—such as a child or grandchild—is born, adopted, or passes away, an update may be necessary. In addition, if the person you named as fiduciary, power of attorney, or trustee passes away, you will need to appoint someone new.
3. A Change in Financial Status
If you’ve accumulated significant assets through an inheritance or other means, or if your financial situation has changed, your estate plan should be reviewed. This ensures it still reflects your goals and properly accounts for your assets.
4. Age and Life Stages
If your children were minors when your estate plan was created but have since reached adulthood, it may be time to make updates. Your plan should reflect their current stage of life and any new responsibilities or considerations.
5. An Illness or Disability
If you, a family member, or a named fiduciary develops an illness or disability, your estate plan may need to be adjusted. This may include creating a special needs trust or appointing new individuals to manage important decisions.
6. A Change in Relationships
Over time, relationships can change. If you no longer feel comfortable with someone you previously named in your estate plan, it is important to update your documents to reflect your current preferences.
7. A Purchase or Sale of a Business
If you’ve purchased a business, your estate plan should include succession planning. If you’ve sold a business, your plan may need to be updated to reflect your new financial situation.
8. A Recent Move
If you move to a new state, your estate plan should be reviewed to ensure it complies with that state’s laws. This helps avoid potential issues and ensures your documents remain valid.
Keep Your Estate Plan Up to Date
Estate planning is not something you do once and forget. Reviewing your plan periodically helps ensure it continues to reflect your wishes and keeps everything organized for the future. Even small updates can make a meaningful difference over time.
Take the Next Step in Updating Your Plan
If you’ve experienced any of these changes or simply want to review your estate plan, Attorney Gregory R. Shettle can help. He works directly with clients to review documents, explain options clearly, and make updates as needed. Call (860) 430-1200 to schedule a consultation and ensure your estate plan remains aligned with your goals.
