Estate planning is something every adult should take seriously.
If you already have a plan created to protect your estate and your loved ones, you’re ahead of the game.
However, there are good reasons to periodically update one or more of your estate planning documents. Indeed, as your life circumstances change, so should your estate plan.
Marriage or remarriage
Marriage is a good reason to update your estate planning documents.
Naming your new spouse as an estate beneficiary ensures they will receive what you wish to leave them.
You can also update beneficiary designations on your insurance policies and financial accounts, as well as name your spouse as your agent under a power of attorney and healthcare proxy.
If you’ve remarried, your new spouse should replace your former spouse on all documents.
Divorce
Like marriage, divorce is a good reason to revisit your estate plan and make changes.
You will want to remove your former spouse’s name from all your documents and replace them with someone else.
Children
If you have a new child, you can revise your estate planning documents to protect them.
Update your will by naming a trusted person to serve as their guardian in case you pass away while your child is still a minor.
You can also create a trust for a child’s benefit that can be managed by a trustee until your child reaches a certain age, and are mature enough to receive any assets left within.
Health concerns
If you are ill or were recently diagnosed with a serious health condition, you may want to revise your estate planning documents.
If you don’t have a healthcare proxy (similar to a power of attorney), it’s wise to create one and choose someone reliable as your agent to ensure that your healthcare wishes are carried out if you become incapacitated.
You may also want a living will or do not resuscitate order based on what care, if any, you want in life threatening situations.
Estate planning is an important part of securing your family’s future. You can take charge and ensure that things are handled as you wish.
