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When should you update your estate plan?

On Behalf of | Jun 24, 2024 | Estate Planning

Preparing your will early on can have crucial advantages for you and your loved ones. It allows you to leave clear instructions on how you want your assets to be inherited after you pass on.

However, estate planning is more than just a one-and-done process. As your life and family change, you must also update how you want your estate handled after your death.

Making changes to your estate plan

There are different occasions that may require you to evaluate and update your will and estate plan. For example, a couple of years after preparing your estate plan, you married and had kids. If you want to protect your spouse and children, you may add them as inheritors to your will.

On the other hand, if you’ve gone through a divorce since preparing your plan, you may want to consider removing your former spouse as a beneficiary.

You should also update your estate plan if one of your beneficiaries passes. By changing your will after this event, you ensure their share will go to someone you intended to support.

Another reason to update your will is if there is a significant change in your finances because it directly impacts the value of your total estate and how the executor administers them.

Your health should also be a factor when updating your will. If you are suffering from a debilitating and serious health condition, consider reevaluating your end-of-life care.

Protect the future of loved ones

Fortunately, you have many options if ever you want to make changes to your estate plan. One of them is to work with an experienced lawyer who can update your existing documents or help you create new ones.